Alkane Resources Limited Stock Forecast
Evaluation of Alkane Resources Limited stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Alkane Resources Limited stock price fell by -0.99% on the last day (Friday, 28th Jun 2024) from $0.505 to $0.500. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 3.00% from a day low at $0.500 to a day high of $0.515. The price has fallen in 7 of the last 10 days. Volume has increased on the last day by 941 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $950.10 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 -23.23% during the next 3 months and, with a 90% probability hold a price between $0.361 and $0.428 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
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 1.01%. 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). 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 $0.528 and $0.558. A break-up above any of these levels will issue buy signals. Alkane Resources Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Alkane Resources Limited stock
Alkane Resources 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 $0.0150 between high and low, or 3.00%. For the last week, the stock has had daily average volatility of 3.31%.
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 Monday 1st
For the upcoming trading day on Monday, 1st we expect Alkane Resources Limited to open at $0.505, and during the day (based on 14 day Average True Range), to move between $0.476 and $0.524, which gives a possible trading interval of +/-$0.0243 (+/-4.85%) up or down from last closing price. If Alkane Resources Limited takes out the full calculated possible swing range there will be an estimated 9.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.495 (1.00%) than the resistance at $0.540 (8.00%), 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.080 Strong Sell Candidate Downgraded
Predicted Opening Price for Alkane Resources Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.505 ( 1.00%) | $0.500 |
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 | 0.520 | 4.00% |
| R2 | 0.514 | 2.85% |
| R1 | 0.511 | 2.15% |
| Price | 0.500 | |
| S1 | 0.499 | -0.146% |
| S2 | 0.496 | -0.85% |
| S3 | 0.490 | -2.00% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.575 | 15.00% |
| R2 | 0.570 | 14.00% |
| R1 | 0.540 | 8.00% |
| Price | 0.500 | |
| S1 | 0.495 | -1.00% |
| S2 | 0 | - |
| S3 | 0 | - |
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