A very strong day for Callinex Mines Inc Ord stock price on Friday

The Callinex Mines Inc Ord stock price gained 7.14% on the last trading day (Friday, 31st Mar 2023), rising from $2.94 to $3.15. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.82% from a day low at $2.94 to a day high of $3.17. The price has risen in 8 of the last 10 days and is up by 55.17% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 36 thousand more shares were traded than the day before. In total, 180 thousand shares were bought and sold for approximately $565.43 thousand.

The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $3.35 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 35.38% during the next 3 months and, with a 90% probability hold a price between $2.84 and $4.53 at the end of this 3-month period.

The Callinex Mines Inc Ord stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.61 and $2.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 20, 2023, and so far it has risen 59.90%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Callinex Mines Inc Ord has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

On the downside, the stock finds support just below today's level from accumulated volume at $2.65 and $2.59.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Callinex Mines Inc Ord finds support just below today's level at $2.65. If this is broken, then the next support from accumulated volume will be at $2.59 and $2.51.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.230 between high and low, or 7.82%. For the last week, the stock has had daily average volatility of 12.04%.

Callinex Mines Inc Ord holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.