RING ENERGY INC. - Daily - Technical analysis published on 02/21/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Slightly bearish
Technical indicators
78%
0%
22%
My opinion
Bullish above 1.40 USD
My targets
1.54 USD (+6.00%)
1.68 USD (+16.07%)
My analysis
The strong short-term increase in RING ENERGY INC. calls into question the currently slightly bearish basic trend. A trend reversal is likely. As long as the price remains above 1.40 USD, you could consider taking advantage of the short-term movement. The first bullish objective is located at 1.54 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 1.68 USD as an objective. Crossing it would then enable buyers to target 1.80 USD. Caution, a return under 1.40 USD could jeopardize the reversal.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
2.9
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Additional analysis
Quotes
The RING ENERGY INC. rating is 1.45 USD. On the day, this instrument gained +5.07% with the lowest point at 1.38 USD and the highest point at 1.47 USD. The deviation from the price is +5.07% for the low point and -1.36% for the high point.1.38
1.47
1.45
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
New HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of RING ENERGY INC. in Daily shows an overall slightly bearish trend. Only 57.14% of the signals given by moving averages are bearish. This slightly bearish trend could quickly be reversed due to the strong bullish signals currently being given by short-term moving averages. An assessment of moving averages reveals several bullish signals that could impact this trend:
Bullish price crossover with Moving Average 50
Type : Bullish
Timeframe : Daily
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : Daily
The probability of a further increase is high given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Daily
Aroon indicator bullish trend
Type : Bullish
Timeframe : Daily
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified these signals:
Near horizontal resistance
Type : Bearish
Timeframe : Daily
Resistance of channel is broken
Type : Bullish
Timeframe : Daily
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 1.02 | 1.25 | 1.40 | 1.45 | 1.80 | 2.02 | 2.16 |
| Change (%) | -29.66% | -13.79% | -3.45% | - | +24.14% | +39.31% | +48.97% |
| Change | -0.43 | -0.20 | -0.05 | - | +0.35 | +0.57 | +0.71 |
| Level | Minor | Intermediate | Major | - | Intermediate | Intermediate | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.30 | 1.33 | 1.36 | 1.39 | 1.42 | 1.45 | 1.48 |
| Camarilla | 1.36 | 1.37 | 1.38 | 1.38 | 1.39 | 1.39 | 1.40 |
| Woodie | 1.29 | 1.33 | 1.35 | 1.39 | 1.41 | 1.45 | 1.47 |
| Fibonacci | 1.33 | 1.36 | 1.37 | 1.39 | 1.42 | 1.43 | 1.45 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.16 | 1.22 | 1.32 | 1.38 | 1.48 | 1.54 | 1.64 |
| Camarilla | 1.38 | 1.39 | 1.41 | 1.42 | 1.44 | 1.45 | 1.46 |
| Woodie | 1.18 | 1.23 | 1.34 | 1.39 | 1.50 | 1.55 | 1.66 |
| Fibonacci | 1.22 | 1.28 | 1.32 | 1.38 | 1.44 | 1.48 | 1.54 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 0.96 | 1.10 | 1.25 | 1.39 | 1.54 | 1.68 | 1.83 |
| Camarilla | 1.31 | 1.34 | 1.36 | 1.39 | 1.42 | 1.44 | 1.47 |
| Woodie | 0.96 | 1.10 | 1.25 | 1.39 | 1.54 | 1.68 | 1.83 |
| Fibonacci | 1.10 | 1.21 | 1.28 | 1.39 | 1.50 | 1.57 | 1.68 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 56.98 | |
| MACD (12,26,9): | 0.0000 | |
| Directional Movement: | 12.13 | |
| AROON (14): | 78.57 | |
| DEMA (21): | 1.35 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.26 | |
| Elder Ray (13): | 0.06 | |
| Super Trend (3,10): | 1.48 | |
| Zig ZAG (10): | 1.45 | |
| VORTEX (21): | 1.0600 | |
| Stochastique (14,3,5): | 80.69 | |
| TEMA (21): | 1.38 | |
| Williams %R (14): | -9.09 | |
| Chande Momentum Oscillator (20): | 0.15 | |
| Repulse (5,40,3): | 6.1800 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.2400 | |
| Courbe Coppock: | 1.62 |
| MA7: | 1.37 | |
| MA20: | 1.36 | |
| MA50: | 1.41 | |
| MA100: | 1.56 | |
| MAexp7: | 1.38 | |
| MAexp20: | 1.37 | |
| MAexp50: | 1.42 | |
| MAexp100: | 1.54 | |
| Price / MA7: | +5.84% | |
| Price / MA20: | +6.62% | |
| Price / MA50: | +2.84% | |
| Price / MA100: | -7.05% | |
| Price / MAexp7: | +5.07% | |
| Price / MAexp20: | +5.84% | |
| Price / MAexp50: | +2.11% | |
| Price / MAexp100: | -5.84% |
Quotes :
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15 min delayed data
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NYSE MKT Stocks
News
The latest news and videos published on RING ENERGY INC. at the time of the analysis were as follows:
- Ring Energy Announces Production Results and Continued Debt Reduction for Fourth Quarter 2023 and Partial Guidance for the First Quarter 2024
- Ring Energy to Present at the Microcap Conference
- Ring Energy Announces Issuance of 2023 Sustainability Report
- Ring Energy Announces Successful Results of Senior Credit Facility Fall 2023 Redetermination and Final Payment for Founders Property Acquisition
- Ring Energy to Present at Sidoti Virtual Investor Conference
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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