GRANITE RIDGE RESOURCES INC (GRNT) Stock Technical Analysis
NYSE:GRNT - New York Stock Exchange, Inc. - US3874321074 - Common Stock - Currency: USD
Overall GRNT gets a technical rating of 7 out of 10. In the last year, GRNT was an average performer in the market. There are positive signs in the very recent evolution, but the medium term picture is still mixed.
The long and short term trends are both positive. This is looking good!
GRNT is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
When compared to the yearly performance of all other stocks, GRNT outperforms 44% of them, which is more or less in line with the market.
GRNT is part of the Oil, Gas & Consumable Fuels industry. There are 213 other stocks in this industry, GRNT did better than 55% of them.
GRNT is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so GRNT is lagging the market slightly.
GRNT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 5.95, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GRNT in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
More info and screens
5.44
6.97
We found 2 important support areas.
- A support zone ranging from 5.81 to 5.95. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
- A support zone ranging from 5.49 to 5.53. This zone is formed by a combination of multiple trend lines in multiple time frames.
We can see 4 important resistance areas.
- Resistance @6.06 from a trend line in the daily time frame.
- Resistance @6.23 from a horizontal line in the daily time frame.
- Resistance @6.53 from a trend line in the weekly time frame.
- A resistance zone ranging from 6.87 to 6.90. This zone is formed by a combination of multiple trend lines in multiple time frames.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for GRNT is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for GRNT is up. |
| ChartMill Relative Strength | 44.9 | NEUTRAL | GRNT is not amongst the best or worst performers on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of GRNT is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of GRNT is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | DOWN | MIXED | The current price of GRNT is above a declining SMA(200). |
| Relative Strength Index/RSI (14) | 62.66 | NEUTRAL | The RSI value for GRNT is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.01 | POSITIVE | The MACD value suggests GRNT has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 72.01 | NEUTRAL | The Stochastics value for GRNT is a neutral value. |
| Average True Range in percent/ATR (20) | 3.06 | MEDIUM VOLATILITY | The ATR as a percentage value for GRNT suggests some volalility. |
| Average Directional Index/ADX (14) | 31.64 | POSITIVE | The high ADX value value for GRNT suggests a strong trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 6.07 | 5.80 | 0.27 (4.45%) | 22.48% |
| An entry @6.07. This is a Buy Stop order right above the resistance zone. | An exit @5.80. This is a Stop Loss order right below the support zone. | The worst case loss on the trade is limited to 0.27 points, which is 4.45%. | When investing 22.48% of your capital in this trade, your total portfolio risk will be 1.00%. |
- The distance between exit and entry is rather small compared to the average daily movement of GRNT. Please evaluate whether better entry and exit points can be found.
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
6.01
-0.03 (-0.5%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorEnergy
GICS IndustryOil, Gas & Consumable Fuels
Performance
% Chg-0.5%
1 Week-1.48%
2 Weeks4.52%
1 Month7.51%
3 Month0.5%
6 Month-2.91%
12 Month0.33%
2 Year-9.35%
3 YearN/A
5 YearN/A
10 YearN/A
15 YearN/A
Volatility
ATR(14)0.2
ATR(20)%3.06%
ATR Inc1.89%
Range Today0.23
ADR(20)0.17
ADR(20)%2.79%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS44.9
Mansfield-0.48
10 Day High6.22
10 Day Low5.71
20 Day High6.22
20 Day Low5.41
52 Week High7.1
52 Week Low4.52
CS1 End5.95
CR1 Start6.06
Volume & EV
DER(3)9.1%
DER(5)6.45%
Volume601.90K
Volume Incr54.5%
Vol(5)645.96K
Vol(50)498.00K