Alkane Resources Limited Stock Forecast
Alkane Resources Limited stock price ended at $0.530 on Tuesday, after losing 1.85%.
(Updated on Jun 25, 2024)
The Alkane Resources Limited stock price fell by -1.85% on the last day (Tuesday, 25th Jun 2024) from $0.540 to $0.530. During the last trading day the stock fluctuated 2.86% from a day low at $0.525 to a day high of $0.540. The price has fallen in 7 of the last 10 days and is down by -1.85% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -166 thousand shares and in total, 848 thousand shares were bought and sold for approximately $449.64 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -19.98% during the next 3 months and, with a 90% probability hold a price between $0.385 and $0.462 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ALK.AX Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Alkane Resources 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 $0.532 and $0.565. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -7.02%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Alkane Resources Limited stock
Alkane Resources Limited finds support from accumulated volume at $0.520 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0150 between high and low, or 2.86%. For the last week the stock has had daily average volatility of 4.47%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALK.AX) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Alkane Resources Limited to open at $0.532, and during the day (based on 14 day Average True Range), to move between $0.503 and $0.557, which gives a possible trading interval of +/-$0.0266 (+/-5.02%) up or down from last closing price. If Alkane Resources Limited takes out the full calculated possible swing range there will be an estimated 10.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.520 (1.89%) than the resistance at $0.570 (7.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Alkane Resources Limited stock A Buy?
Alkane Resources Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.152 Sell Candidate Unchanged
Predicted Opening Price for Alkane Resources Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.532 ( 0.314%) | $0.530 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALK.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.547 | 3.14% |
| R2 | 0.541 | 2.06% |
| R1 | 0.537 | 1.40% |
| Price | 0.530 | |
| S1 | 0.526 | -0.767% |
| S2 | 0.522 | -1.43% |
| S3 | 0.517 | -2.52% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.655 | 23.58% |
| R2 | 0.575 | 8.49% |
| R1 | 0.570 | 7.55% |
| Price | 0.530 | |
| S1 | 0.520 | -1.89% |
| S2 | 0.500 | -5.66% |
| S3 | 0.495 | -6.60% |
FAQ
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