Scorpio Tankers Stock Forecast
Stronger technical forecast for Scorpio Tankers stock price after Thursday trading.
(Updated on Apr 25, 2024)
The Scorpio Tankers stock price gained 1.37% on the last trading day (Thursday, 25th Apr 2024), rising from $70.84 to $71.81. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.87% from a day low at $70.01 to a day high of $72.02. The price has risen in 6 of the last 10 days and is up by 0.24% over the past 2 weeks. Volume fell on the last day by -48 thousand shares and in total, 433 thousand shares were bought and sold for approximately $31.10 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.12% during the next 3 months and, with a 90% probability hold a price between $71.38 and $78.90 at the end of this 3-month period.
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STNG Signals & Forecast
The Scorpio Tankers stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $70.27 and $70.98. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -1.95%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Scorpio Tankers stock
Scorpio Tankers finds support from accumulated volume at $70.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.01 between high and low, or 2.87%. For the last week the stock has had daily average volatility of 2.41%.
Our recommended stop-loss: $69.18 (-3.66%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (STNG) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Scorpio Tankers Inc to open at $71.28, and during the day (based on 14 day Average True Range), to move between $69.93 and $73.69, which gives a possible trading interval of +/-$1.88 (+/-2.62%) up or down from last closing price. If Scorpio Tankers Inc takes out the full calculated possible swing range there will be an estimated 5.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $71.90 (0.13%) than the support at $70.38 (1.99%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Scorpio Tankers Inc stock A Buy?
Scorpio Tankers holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.323 Hold/Accumulate Upgraded
Predicted Opening Price for Scorpio Tankers Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $71.28 ( 0.738%) | $71.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STNG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.29 | 2.06 % | |
| R2 | 72.52 | 0.99 % | ||
| R1 | 72.05 | 0.331 % | ||
| Current price: | 71.81 | |||
| Support | S1 | 70.51 | -1.81 % | |
| S2 | 70.04 | -2.47 % | ||
| S3 | 69.27 | -3.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 72.75 | 1.31 % | |
| R2 | 72.55 | 1.03 % | ||
| R1 | 71.90 | 0.125 % | ||
| Current price | 71.81 | |||
| Support | S1 | 70.38 | -1.99% | |
| S2 | 68.04 | -5.25% | ||
| S3 | 66.26 | -7.73% |
STNG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 13, 2024 | Mar 07, 2024 | Mar 27, 2024 | $0.400 | 0.567% |
| 2 | Nov 09, 2023 | Nov 29, 2023 | Dec 15, 2023 | $0.350 | 0.596% |
| 3 | Aug 01, 2023 | Aug 14, 2023 | Sep 15, 2023 | $0.250 | 0.477% |
| 4 | May 02, 2023 | Jun 12, 2023 | Jun 30, 2023 | $0.250 | 0.529% |
| 5 | Feb 15, 2023 | Mar 06, 2023 | Mar 31, 2023 | $0.200 | 0.355% |
FAQ
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