29metals Limited Stock Forecast
29metals Limited stock price ended at $0.500 on Friday, after gaining 3.09%.
(Updated on May 17, 2024)
The 29metals Limited stock price gained 3.09% on the last trading day (Friday, 17th May 2024), rising from $0.485 to $0.500. During the last trading day the stock fluctuated 6.32% from a day low at $0.475 to a day high of $0.505. The price has been going up and down for this period, and there has been a 4.17% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 325 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $975.44 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 40.10% during the next 3 months and, with a 90% probability hold a price between $0.611 and $0.87 at the end of this 3-month period.
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29M.AX Signals & Forecast
The 29metals Limited 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 $0.481 and $0.475. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 29metals Limited 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -8.26%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for 29metals Limited stock
29metals Limited finds support from accumulated volume at $0.495 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0300 between high and low, or 6.32%. For the last week, the stock has had daily average volatility of 5.61%.
Our recommended stop-loss: $0.474 (-5.13%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (29M.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect 29metals Limited to open at $0.493, and during the day (based on 14 day Average True Range), to move between $0.466 and $0.534, which gives a possible trading interval of +/-$0.0337 (+/-6.74%) up or down from last closing price. If 29metals Limited takes out the full calculated possible swing range there will be an estimated 13.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.505 (1.00%) than the support at $0.495 (1.00%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
29metals Limited will release earnings BMO on Tuesday, May 21, 2024. We will update the financials statements for 29metals Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.63% in the first trading day after earnings release.
Is 29metals Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for 29metals Limited stock to perform well in the short-term.
Current score: 3.181 Buy Candidate Unchanged
Predicted Opening Price for 29metals Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.493 ( 1.33%) | $0.500 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 29M.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.523 | 4.67 % | |
| R2 | 0.512 | 2.37 % | ||
| R1 | 0.505 | 0.96 % | ||
| Current price: | 0.500 | |||
| Support | S1 | 0.482 | -3.63 % | |
| S2 | 0.475 | -5.04 % | ||
| S3 | 0.463 | -7.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.545 | 9.00 % | |
| R2 | 0.530 | 6.00 % | ||
| R1 | 0.505 | 1.00 % | ||
| Current price | 0.500 | |||
| Support | S1 | 0.495 | -1.00% | |
| S2 | 0.470 | -6.00% | ||
| S3 | 0.400 | -20.00% |
29M Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 15, 2022 | Sep 15, 2022 | Sep 15, 2022 | $0.0200 | 0.93% |
FAQ
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