29metals Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Volatile ride for 29metals Limited stock price on Tuesday moving between $0.530 and $0.590
(Updated on May 21, 2024)
The 29metals Limited stock price gained 3.70% on the last trading day (Tuesday, 21st May 2024), rising from $0.540 to $0.560. It has now gained 3 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 11.32% from a day low at $0.530 to a day high of $0.590. The price has risen in 7 of the last 10 days and is up by 20.43% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 7 million shares were bought and sold for approximately $3.69 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 31.06% during the next 3 months and, with a 90% probability hold a price between $0.592 and $0.84 at the end of this 3-month period.
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29M.AX Signals & Forecast
Mostly positive signals in the chart today. 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 $0.509 and $0.485. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 55.56%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for 29metals Limited stock
29metals Limited finds support from accumulated volume at $0.540 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 $0.0600 between high and low, or 11.32%. For the last week, the stock has had daily average volatility of 6.74%.
Our recommended stop-loss: $0.542 (-3.28%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 39 days ago.)
Trading Expectations (29M.AX) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect 29metals Limited to open at $0.560, and during the day (based on 14 day Average True Range), to move between $0.524 and $0.596, which gives a possible trading interval of +/-$0.0363 (+/-6.48%) up or down from last closing price. If 29metals Limited takes out the full calculated possible swing range there will be an estimated 12.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.540, some $0.0200 (3.57%) from the current price of $0.560, our system finds the risk reward attractive.
Earnings coming up
Is 29metals Limited stock A Buy?
29metals Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 7.594 Strong Buy Candidate Unchanged
Predicted Opening Price for 29metals Limited of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| $0.560 ( 0%) | $0.560 |
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 | 0.620 | 10.71 % | |
| R2 | 0.597 | 6.62 % | ||
| R1 | 0.583 | 4.09 % | ||
| Current price: | 0.560 | |||
| Support | S1 | 0.537 | -4.09 % | |
| S2 | 0.523 | -6.62 % | ||
| S3 | 0.500 | -10.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.560 | |||
| Support | S1 | 0.540 | -3.57% | |
| S2 | 0.530 | -5.36% | ||
| S3 | 0.495 | -11.61% |
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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