Andromeda Metals Limited Stock Forecast

High volatility in Andromeda Metals Limited stock price on Thursday which ended trading at $0.0180
(Updated on May 02, 2024)

ADN.AX Signals & Forecast

There are mixed signals in the stock today. The Andromeda Metals Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0184 and $0.0205. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 12.50%. 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 gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point".

Support, Risk & Stop-loss for Andromeda Metals Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0170 and $0.0160. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0160 may give a huge drop in the stock price.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0020 between high and low, or 11.76%. For the last week, the stock has had daily average volatility of 14.71%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (ADN.AX) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Andromeda Metals Limited to open at $0.0180, and during the day (based on 14 day Average True Range), to move between $0.0160 and $0.0200, which gives a possible trading interval of +/-$0.0020 (+/-11.05%) up or down from last closing price. If Andromeda Metals Limited takes out the full calculated possible swing range there will be an estimated 22.11% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0170 (5.56%) than the resistance at $0.0190 (5.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Andromeda Metals Limited stock A Buy?

Andromeda Metals Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -2.665 Sell Candidate Unchanged

Predicted Opening Price for Andromeda Metals Limited of Friday, May 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.