OVV Price Prediction Next Week
Based on the recent news and technical analysis, here's the price prediction for OVV for the next trading week:
Technical Analysis
The RSI(14) reading of 46.44 indicates a neutral momentum, neither overbought nor oversold. The MACD shows a slight positive divergence with a reading of 0.11, suggesting potential upward momentum. The stock is currently trading below its 20-day moving average of $44.17 but above its 200-day moving average of $43.70, indicating a mixed short-term trend.
News Impact Recent significant developments affecting OVV:
- Barclays raised price target to $59 from $57 on January 30, maintaining an Overweight rating. This upgrade was driven by:
- Lower end-of-March gas storage forecast
- Increased 2025-2026 gas price projections to $4.00
- Trade tariff concerns: The newly imposed 10% tariff on Canadian oil could impact OVV's operations, though UBS analyst believes the impact might be mitigated by weaker CAD currency lowering costs.
Price Prediction for Next Week Based on technical indicators and recent news:
- Support level: $41.49 (Fibonacci S1)
- Resistance level: $44.51 (Fibonacci R1)
- Target price range: $42.50-$44.00
Trading Recommendation: SELL Rationale:
- The stock faces immediate headwinds from new tariffs on Canadian oil
- Technical indicators show mixed signals with bearish short-term trend
- Current price ($42.90) is approaching resistance levels
- Potential volatility due to geopolitical tensions affecting oil markets
The stock is likely to test support levels before finding stability. Traders should consider taking profits or establishing short positions with tight stop-losses above $44.51.
OVV Similar Chart Price Prediction
The price of OVV is predicted to go up 1.78%, based on the high correlation periods with HLX. The similarity of these two price pattern on the periods is 97.4%.
OVV
HLX
Up: 1.78%Similarity: 97.4%
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OVV Analyst's Forecast
Betty Jiang
Barclays
Buy
2025-01-30
Price Target
$57 → $59
Upside
+34.49%
Barclays raised the firm's price target on Ovintiv to $59 from $57 and keeps an Overweight rating on the shares. The firm lowered its end-of-March gas storage forecast to 1.7 Tcf on impact of a cold January, which it says cuts down the storage buffer just as liquified natural gas is ramping up and production growth is expected to slow. Barclays raising 2025-2026 gas prices to $4.00 and updating price targets for the gas-levered exploration and production companies.
Neal Dingmann
Truist Securities
Strong Buy
2025-01-13
Price Target
$59 → $60
Upside
+34.53%
Noah Hungness
B of A Securities
Hold → Strong Buy
2025-01-13
Price Target
$55 → $54
Upside
+21.08%
