Superior Drilling Products, Inc Stock Forecast
High volatility in Superior Drilling Products, Inc stock price on Thursday which ended trading at $1.24
(Updated on Apr 25, 2024)
The Superior Drilling Products, Inc stock price fell by -1.20% on the last day (Thursday, 25th Apr 2024) from $1.25 to $1.24. During the last trading day the stock fluctuated 11.81% from a day low at $1.12 to a day high of $1.25. The price has been going up and down for this period, and there has been a 9.29% gain for the last 2 weeks. Volume has increased on the last day by 236 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 275 thousand shares were bought and sold for approximately $339.41 thousand.
The stock lies in the upper part of a very wide and strong rising 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 $1.29 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 77.13% during the next 3 months and, with a 90% probability hold a price between $1.81 and $2.28 at the end of this 3-month period.
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SDPI Signals & Forecast
The Superior Drilling Products, Inc 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 $1.21 and $1.02. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -1.98%. Further fall is indicated until a new bottom pivot has been found. Superior Drilling Products, Inc gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Superior Drilling Products, Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.13 and $1.06. 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, Superior Drilling Products, Inc finds support just below today's level at $1.13. If this is broken, then the next support from accumulated volume will be at $1.06 and $1.00.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.132 between high and low, or 11.81%. For the last week, the stock has had daily average volatility of 7.56%.
Our recommended stop-loss: $1.19 (-3.29%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (SDPI) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Superior Drilling Products, Inc to open at $1.20, and during the day (based on 14 day Average True Range), to move between $1.16 and $1.31, which gives a possible trading interval of +/-$0.0704 (+/-5.70%) up or down from last closing price. If Superior Drilling Products, Inc takes out the full calculated possible swing range there will be an estimated 11.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.24 (0.40%) than the support at $1.13 (8.50%), 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 Superior Drilling Products, Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Superior Drilling Products, Inc stock to perform well in the short-term.
Current score: 1.371 Buy Candidate Unchanged
Predicted Opening Price for Superior Drilling Products, Inc of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$1.20 ( 2.75%) | $1.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SDPI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.33 | 7.94 % | |
R2 | 1.28 | 3.85 % | ||
R1 | 1.25 | 1.33 % | ||
Current price: | 1.24 | |||
Support | S1 | 1.15 | -6.84 % | |
S2 | 1.12 | -9.36 % | ||
S3 | 1.07 | -13.44 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.26 | 2.02 % | |
R2 | 1.25 | 1.21 % | ||
R1 | 1.24 | 0.405 % | ||
Current price | 1.24 | |||
Support | S1 | 1.13 | -8.50% | |
S2 | 1.06 | -14.17% | ||
S3 | 1.00 | -19.03% |
FAQ
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