Torchlight Energy Resources Stock Forecast
Torchlight Energy Resources stock price ended at $2.08 on Tuesday, after losing 0%.
(Updated on Mar 15, 2022)
No changes to the price of Torchlight Energy Resources stock on the last trading day (Tuesday, 15th Mar 2022). During the last trading day the stock fluctuated 0% from a day low at $2.08 to a day high of $2.08. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $2.14 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -28.28% during the next 3 months and, with a 90% probability hold a price between $0.717 and $1.54 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TRCH Signals & Forecast
The Torchlight Energy Resources stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.08 and $1.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 01, 2022, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Torchlight Energy Resources stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.73 and $1.67. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Torchlight Energy Resources finds support just below today's level at $1.73. If this is broken, then the next support from accumulated volume will be at $1.67 and $1.58.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%
The Torchlight Energy Resources stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $1.97 (-5.22%) (This stock has low daily movements and this gives low risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (TRCH) For The Upcoming Trading Day Of Wednesday 16th
For the upcoming trading day on Wednesday, 16th we expect Torchlight Energy Resources to open at $2.08, and during the day (based on 14 day Average True Range), to move between $1.99 and $2.17, which gives a possible trading interval of +/-$0.0948 (+/-4.56%) up or down from last closing price. If Torchlight Energy Resources takes out the full calculated possible swing range there will be an estimated 9.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.15 (3.37%) than the support at $1.73 (16.83%), 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 Torchlight Energy Resources stock A Buy?
Torchlight Energy Resources holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Torchlight Energy Resources of Wednesday, March 16, 2022
| Fair opening price March 16, 2022 | Current price |
|---|---|
| $2.08 ( 0%) | $2.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRCH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.08 | . | |
| R2 | 2.08 | . | ||
| R1 | 2.08 | . | ||
| Current price: | 2.08 | |||
| Support | S1 | 2.08 | . | |
| S2 | 2.08 | . | ||
| S3 | 2.08 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.46 | 18.27 % | |
| R2 | 2.28 | 9.62 % | ||
| R1 | 2.15 | 3.37 % | ||
| Current price | 2.08 | |||
| Support | S1 | 1.73 | -16.83% | |
| S2 | 1.67 | -19.71% | ||
| S3 | 1.58 | -24.04% |
FAQ
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