RING ENERGY INC. - 1H - Technical analysis published on 10/03/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Bullish
Technical indicators
83%
0%
17%
My opinion
Bullish above 1.68 USD
My targets
1.77 USD (+1.72%)
1.81 USD (+4.02%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on RING ENERGY INC. as long as the price remains well above 1.68 USD. The buyers' bullish objective is set at 1.77 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 1.81 USD. If there is any crossing, the next objective would be the resistance located at 1.94 USD.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
6.6
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The RING ENERGY INC. price is 1.74 USD. The price registered an increase of +3.57% on the session and was traded between 1.66 USD and 1.76 USD over the period. The price is currently at +4.82% from its lowest and -1.14% from its highest.1.66
1.76
1.74
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of RING ENERGY INC. indicates that the overall trend is bullish. 71.43% of the signals given by moving averages are bullish. The overall trend is reinforced by the strong bullish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found these results:
Near horizontal resistance
Type : Bearish
Timeframe : 1 hour
Near resistance of triangle
Type : Bearish
Timeframe : 1 hour
Resistance of channel is broken
Type : Bullish
Timeframe : 1 hour
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 1.58 | 1.63 | 1.68 | 1.74 | 1.77 | 1.81 | 1.94 |
| Change (%) | -9.20% | -6.32% | -3.45% | - | +1.72% | +4.02% | +11.49% |
| Change | -0.16 | -0.11 | -0.06 | - | +0.03 | +0.07 | +0.20 |
| Level | Major | Intermediate | Major | - | Intermediate | Intermediate | Minor |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.54 | 1.59 | 1.63 | 1.68 | 1.72 | 1.77 | 1.81 |
| Camarilla | 1.66 | 1.66 | 1.67 | 1.68 | 1.69 | 1.70 | 1.71 |
| Woodie | 1.55 | 1.59 | 1.64 | 1.68 | 1.73 | 1.77 | 1.82 |
| Fibonacci | 1.59 | 1.62 | 1.64 | 1.68 | 1.71 | 1.73 | 1.77 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.40 | 1.48 | 1.54 | 1.62 | 1.68 | 1.76 | 1.82 |
| Camarilla | 1.56 | 1.57 | 1.59 | 1.60 | 1.61 | 1.63 | 1.64 |
| Woodie | 1.39 | 1.48 | 1.53 | 1.62 | 1.67 | 1.76 | 1.81 |
| Fibonacci | 1.48 | 1.53 | 1.57 | 1.62 | 1.67 | 1.71 | 1.76 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.21 | 1.37 | 1.49 | 1.65 | 1.77 | 1.93 | 2.05 |
| Camarilla | 1.52 | 1.55 | 1.57 | 1.60 | 1.63 | 1.65 | 1.68 |
| Woodie | 1.18 | 1.36 | 1.46 | 1.64 | 1.74 | 1.92 | 2.02 |
| Fibonacci | 1.37 | 1.48 | 1.55 | 1.65 | 1.76 | 1.83 | 1.93 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 66.51 | |
| MACD (12,26,9): | 0.0200 | |
| Directional Movement: | 23.22 | |
| AROON (14): | 78.57 | |
| DEMA (21): | 1.70 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.64 | |
| Elder Ray (13): | 0.05 | |
| Super Trend (3,10): | 1.64 | |
| Zig ZAG (10): | 1.74 | |
| VORTEX (21): | 1.1500 | |
| Stochastique (14,3,5): | 84.85 | |
| TEMA (21): | 1.73 | |
| Williams %R (14): | -18.44 | |
| Chande Momentum Oscillator (20): | 0.10 | |
| Repulse (5,40,3): | 1.1500 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.1600 | |
| Courbe Coppock: | 7.30 |
| MA7: | 1.64 | |
| MA20: | 1.67 | |
| MA50: | 1.76 | |
| MA100: | 1.76 | |
| MAexp7: | 1.71 | |
| MAexp20: | 1.68 | |
| MAexp50: | 1.66 | |
| MAexp100: | 1.67 | |
| Price / MA7: | +6.10% | |
| Price / MA20: | +4.19% | |
| Price / MA50: | -1.14% | |
| Price / MA100: | -1.14% | |
| Price / MAexp7: | +1.75% | |
| Price / MAexp20: | +3.57% | |
| Price / MAexp50: | +4.82% | |
| Price / MAexp100: | +4.19% |
Quotes :
-
15 min delayed data
-
NYSE MKT Stocks
News
The last news published on RING ENERGY INC. at the time of the generation of this analysis was as follows:
- Ring Energy Announces Participation In Enercom Denver Conference
- Ring Energy Announces Second Quarter 2024 Results, Provides Guidance for Third Quarter and Updates Full Year 2024 Outlook
- Ring Energy Provides Management Team Update
- Ring Energy Announces Timing of Second Quarter 2024 Earnings Release and Conference Call
- Ring Energy Increases Sales Guidance and Announces Debt Reduction Results for Second Quarter 2024
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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