- U.S. Energy Corp’s quarterly report failed to meet earnings estimates.
- USEG stock price surged about 16.64% over the past month.
- USEG stock closed at 1.54, with a return of 9.19% in the past intraday session.
The UDEG stock price has dropped drastically in the 2023 fiscal year, with a negative year-to-date return of 33%. The fall shattered the Energy Corp price to an all-time low at $1.22. However, the market traders had shifted their stance towards the seller’s side, as there was no sign of recovery from the yearly loss.
U.S. Energy Corp. stock price had attained a strong resistance level at $2.60, but the immense pressure by bears dragged the price down. Hence, the price faced a downtrend while constantly forming the lower lows. The price shifted towards the all-time low at $1.22 support level over the past 4 months. This course event diluted the trust among the buyers, and the mass participation of sellers entered the market.
However, after hitting the all-time low the price tried to recover from the previous losses, but the move did not sustain and halted at $1.76 resistance level. The company released the opposing Q2 report on August 14, 2023, which encouraged the sellers and the price fall gain about 17% within a day. The continued pressure by bears plummeted the price near the $1.22 all-time low.
Recently, the UDEG stock price faced heavy involvement of buyers on Oct 6, 2023, which elevated the stock price from the initial low of $1.23. Due to this short-term traders gain a return of a whopping 25%. Hence, the price surged towards the $1.55 resistance in the previous intraday session.
The USEG stock price closed at $1.54 while witnessing an astounding increase of 9.19% in the past intraday session. Moreover, the price shows a wind of change as the price shows a 16.64% return over the past month. The current market capitalization of U.S. Energy Corp. is $39.27 Million, with an average trading volume of 103.882K.
The U.S. Energy Corp. announced its second quarter financial report on August 14, 2023, which failed to meet its estimates. The Q2 reported earnings were -$0.10 per share, compared to the estimated EPS of -$0.09, which shows a negative surprise of 11.11%.
Meanwhile, the data shows that quarterly revenue surpassed the revenue by 6.89%, whereas the reported Q2 revenue was $7.978 Million. For the upcoming updates, the company scheduled to announce its Q3-2023 report on November 15, 2023. The market participants are eagerly waiting for the next quarterly report.
Will USEG Stock Retest The 200-Day EMA?
USEG stock price shows resilience as the price is moving above the 20, 50, and 100-day EMAs, indicating significant growth as the bulls have entered the market. However, if the U.S. Energy Corp. attracts more buyers, the price might retest the 200-day EMA in the upcoming sessions.
The recent string of bulls has derailed the prolonged weakness in the market. Hence, the RSI is currently trading above the 50-neutral zone, and the CMF rejected the 0 mark recently. The technical perameters suggest short-term bullish dominance with sufficient strength in the market.
If the current rally remains constant, the price might hike toward the previous $1.70 resistance level. On the contrary, if the bears took control from the bulls, the price might melt toward an all-time low of $1.22.
Conclusion
The market structure and price action of U.S. Energy Corp. expresses that the price is on the recovery path, and if USEG stock attracts sufficient buyers soon, the price might defame the prolonged distress. Technical parameters favor the buying recent for the moment.
Technical Levels
Major resistance: $2.62 and $2.69
Major support: $1.22 and $1.23
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.