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- Dorian LPG announced its Q2 report on Thursday.
- The LPG stock price has surged about 19.10% over the past week.
- It closed at $37.72, with a loss of 0.92% in the past intraday session.
Dorian LPG announced its second-quarter financial report on November 2, 2023. The liquefied petroleum gas shipping company came out with quarterly earnings of $1.85 per share, surpassing the Zacks Consensus Estimate of $1.73 EPS. It represents an earnings surprise of $6.94%.
Moreover, the reported revenue of Dorian LPG was 144.7 Million for the 2nd quarter, beating the Zacks Consensus Estimate by 7.17%. This increase was significantly due to the increase in average time charter equivalent (TCE) rates, fleet utilization, and fleet size.
The market participants are eagerly waiting for the Q2 report and are also hoping for similar results. However, before the quarterly report release, the LPG stock price hiked about 19.10% over the past week. It reflects the vigorous participation of the buyers as the trading volume reached nearly 1.88 Million.
The price witnessed a sudden drop from its initial high of $30.09 after the release of the Q1 report. The sudden increase in the bearish trend pushed the price below $24.00. However, after forming strong support at $24.17, the price again bounced up while following the uptrend trajectory.
Currently, the LPG stock price is hovering near the annual high of $39.15 and closed at $37.72 in the past intraday session. After achieving the annual high, the price faced a slight bearish intervention. The market capitalization of Dorian LPG is $1.532 Billion, with an average trading volume of 1.06 Million.
Will LPG Stock Price Remain In Overbought Zone?
The long-term uptrend helped the price in forming a new higher level during the 2023 fiscal year. However, the Dorian LPG rallied about 98.95% YTD. Currently, the LPG stock price is trending above the all-exponential moving average. It suggests an uptrend in the price.
The relative strength index (RSI) has stepped into the overbought zone, with a score of 73.89, suggesting immense strength and bullish dominance in the market. The CMF is also hovering above the 0 mark, denoting a rise in the participation of buyers.
However, if the bullish dominance remains constant and retests the immediate resistance of $39.15, the price might surge above $44.00 and form a new all-time high. On the other hand, if bears take over and break below the previous candle’s low, the price might melt and retest the psychological level of $30.00.
Conclusion
The market structure and price action of Dorian LPG stock price represents a prolonged bullish trend. The bears are in fear of challenging the bullish dominance. However, the rally provided about 98.95% in the year-to-date return. Moreover, the technical parameters are favoring the buying side.
Technical Levels
Major resistance: $39.15 and $30.00
Major support: $15.81 and $24.20
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.
