Scorpio Tankers Inc. (NYSE:STNG) fell by -3.99% in Monday’s trading session from $3.51 to $3.37. The price has fallen in 6 of the last 10 days and is down by -5.07% over the same course of time. There was a decrease in both volume and price. This is usually interpreted as a good sign as traders widely believe falling stock should see declining volume. Traded activity experienced a fall of -0.82 million shares and in total 1.40 M shares exchanged hands for about $4.73 million.
Inside STNG’s Recent Trend
Scorpio Tankers Inc. (STNG) lies in the middle of a wide and falling trend in the short term and pointed towards extra losses. Short-term traders are anticipated to see a retreat of -10.03% over the course of a quarter and, with 90% chance the price will be floating in the range of $2.88 and $3.46 in this timeframe.
Scorpio Tankers Inc. Technical Signals
STNG has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $3.38 and $3.65. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Friday August 18, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. The downbeat movement of both volume and price during the recent session is interpreted as a good sign because traders usually believe falling stock should see declining volume.
Scorpio Tankers Inc. (NYSE:STNG) Support And Resistance Levels
Scorpio Tankers Inc. (STNG) recorded volume accumulation so there will probably be a surplus of buyers at $3.36. In case of gains, the next resistance from accumulated volume will be at $3.80, $3.97 and $4.01.
Scorpio Tankers Inc. (STNG) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.12 between high and low, or 3.57%. The average volatility for the past week stood at 5.38%.