Alpha Lithium Corporation Stock Forecast
Is Alpha Lithium Corporation stock still a buy after falling -15.13% on Wednesday?
(Updated on Apr 17, 2024)
The Alpha Lithium Corporation stock price fell by -15.13% on the last day (Wednesday, 17th Apr 2024) from $0.271 to $0.230. During the last trading day the stock fluctuated 4.55% from a day low at $0.220 to a day high of $0.230. The price has been going up and down for this period, and there has been a 9.52% gain for the last 2 weeks. Volume has increased on the last day by 48 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, 51 thousand shares were bought and sold for approximately $11.62 thousand.
The stock lies in the middle of a very 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 -7.38% during the next 3 months and, with a 90% probability hold a price between $0.191 and $0.258 at the end of this 3-month period.
ALLIF 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 Alpha Lithium Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.251 and $0.248. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -17.62%. Further fall is indicated until a new bottom pivot has been found. Alpha Lithium Corporation 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". The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Monday, April 15, 2024 and based on theory for this formation the price should fall by -38.43% to $0.142 within 4 trading days since signal was issued (Thursday, April 18, 2024).
Support, Risk & Stop-loss for Alpha Lithium Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.210. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ 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 $0.0100 between high and low, or 4.55%. For the last week, the stock has had daily average volatility of 13.88%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALLIF) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Alpha Lithium Corporation to open at $0.227, and during the day (based on 14 day Average True Range), to move between $0.193 and $0.267, which gives a possible trading interval of +/-$0.0368 (+/-15.98%) up or down from last closing price. If Alpha Lithium Corporation takes out the full calculated possible swing range there will be an estimated 31.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.240 (4.35%) than the support at $0.210 (8.70%), 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.
Is Alpha Lithium Corporation stock A Buy?
Alpha Lithium Corporation holds several negative signals and is within a very 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 Buy to a Strong Sell candidate.
Current score: -5.430 Strong Sell Candidate Downgraded
Predicted Opening Price for Alpha Lithium Corporation of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $0.227 ( 1.45%) | $0.230 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALLIF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.237 | 2.90 % | |
| R2 | 0.233 | 1.24 % | ||
| R1 | 0.230 | 0.212 % | ||
| Current price: | 0.230 | |||
| Support | S1 | 0.223 | -3.11 % | |
| S2 | 0.220 | -4.14 % | ||
| S3 | 0.217 | -5.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.275 | 19.57 % | |
| R2 | 0.250 | 8.70 % | ||
| R1 | 0.240 | 4.35 % | ||
| Current price | 0.230 | |||
| Support | S1 | 0.210 | -8.70% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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