ALX Resources Corp. Stock Forecast
Big movements in ALX Resources Corp. stock price on Friday moving 20.84% between high and low
(Updated on May 31, 2024)
The ALX Resources Corp. stock price gained 28.08% on the last trading day (Friday, 31st May 2024), rising from $0.0179 to $0.0229. During the last trading day the stock fluctuated 20.84% from a day low at $0.0190 to a day high of $0.0229. The price has risen in 6 of the last 10 days and is up by 33.92% over the past 2 weeks. Volume fell on the last day by -73 thousand shares and in total, 14 thousand shares were bought and sold for approximately $326.92 . 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 the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0236 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -6.42% during the next 3 months and, with a 90% probability hold a price between $0.0128 and $0.0221 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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ALXEF Signals & Forecast
The ALX Resources Corp. 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 $0.0206 and $0.0186. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 28.08%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ALX Resources Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0199 and $0.0181. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ALX Resources Corp. finds support just below today's level at $0.0199. If this is broken, then the next support from accumulated volume will be at $0.0181 and $0.0178.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0040 between high and low, or 20.84%. For the last week the stock has had daily average volatility of 31.68%.
Our recommended stop-loss: $0.0221 (-3.38%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (ALXEF) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect ALX Resources Corp. to open at $0.0216, and during the day (based on 14 day Average True Range), to move between $0.0179 and $0.0279, which gives a possible trading interval of +/-$0.0050 (+/-22.01%) up or down from last closing price. If ALX Resources Corp. takes out the full calculated possible swing range there will be an estimated 44.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0230 (0.44%) than the support at $0.0199 (13.10%), 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 ALX Resources Corp. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.086 Buy Candidate Upgraded
Predicted Opening Price for ALX Resources Corp. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.0216 ( 5.75%) | $0.0229 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALXEF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0255 | 11.50 % | |
| R2 | 0.0240 | 4.91 % | ||
| R1 | 0.0231 | 0.84 % | ||
| Current price: | 0.0229 | |||
| Support | S1 | 0.0201 | -12.34 % | |
| S2 | 0.0191 | -16.41 % | ||
| S3 | 0.0176 | -23.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.0237 | 3.49 % | ||
| R1 | 0.0230 | 0.437 % | ||
| Current price | 0.0229 | |||
| Support | S1 | 0.0199 | -13.10% | |
| S2 | 0.0181 | -20.96% | ||
| S3 | 0.0178 | -22.27% |
FAQ
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