The Canadian Company Reconnaissance Energy Africa Ltd explores and develops oil and gas in Namibia and Botswana. The Company is researching and producing oil and gas in Namibia and Botswana. There is an extensive Permian formation in the Kavango Basin, which covers the entire Kavango sedimentary basin. The Company holds a petroleum exploration license covering 25,341.33 square kilometers (6.3 million acres).
The Company is also the owner of a petroleum exploration license in northwest Botswana, which covers an area of 8,990 square kilometers (2.2 million acres) and is adjacent to the Namibian license. Its two permits cover 34,325 square kilometers (8.5 million acres).
RECAF Stock Forecast
The current share price of Reconnaissance Energy Africa [RECAF] is $0.95. The Reconnaissance Energy Africa [RECAF] score is 37, 26% below its historical median score of 50, and indicates a higher risk. RCAF’s current stock score is 30-40% percentiles based on its historical values.
As the share price is below its five-, twenty-, and fifty-day exponential moving averages, RECAF is experiencing slight buying pressure considering the current trend. TD Ameritrade and tastyworks are top-tier brokerage firms that can help you buy Reconnaissance Energy Africa shares.
The stock of Reconnaissance Energy Africa Ltd has been downgraded to a Strong
Reconnaissance Energy Africa Ltd’s stock price dropped by 4.05% from $0.99 to $0.95 on Friday, 30th Dec 2022. From a day low of $0.90 to a day high of $0.98, the stock fluctuated 8.53% during the last trading day. Over the past ten days, the price has fallen by -11.21%. Volume increased by 348 thousand shares, but prices have dropped. The risk is expected to increase slightly over the next few days as this may be an early warning. A total of 1 million shares were bought and sold for $981.80 thousand.
The stock has broken the extensive and falling short-term trend up. This indicates a slower downward trend, but it may be the first sign of a shift. The reaction will be supported at the roof of the broken direction, $0.93, a level that could provide a second chance to hit the runner. Using fan theory, $1.76 could be the next trend-top level, constituting a resistance level that cannot be broken at first.
Stock support, risk, and stop-loss for Reconnaissance Energy Africa Ltd
A drop below the support at $0 may result in an immediate price drop, as accumulated volume below today’s level provides no support. This increases the risk of a considerable price drop below the support at $0.89.
RECAF stock may move high during the day (volatility), and with a considerable prediction interval from the Bollinger Band, this stock is “very high risk.” On the last day, the stock moved between its high and low by $0.0770, or 8.53%. In the past week, there have been daily average volatility of 11.49%.