Alto Metals Limited Stock Forecast
Alto Metals Limited stock price down 3.13% on Thursday
(Updated on Jun 20, 2024)
The Alto Metals Limited stock price fell by -3.13% on the last day (Thursday, 20th Jun 2024) from $0.0320 to $0.0310. During the last trading day the stock fluctuated 3.33% from a day low at $0.0300 to a day high of $0.0310. The price has fallen in 6 of the last 10 days and is down by -20.51% 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 -2 million shares and in total, 179 thousand shares were bought and sold for approximately $5.56 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0288 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.18% during the next 3 months and, with a 90% probability hold a price between $0.0273 and $0.0408 at the end of this 3-month period.
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AME.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Alto 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 $0.0329 and $0.0364. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 27, 2024, and so far it has fallen -24.39%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Alto Metals Limited stock
Alto Metals Limited finds support from accumulated volume at $0.0300 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0010 between high and low, or 3.33%. For the last week the stock has had daily average volatility of 8.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AME.AX) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Alto Metals Limited to open at $0.0307, and during the day (based on 14 day Average True Range), to move between $0.0288 and $0.0332, which gives a possible trading interval of +/-$0.0022 (+/-7.08%) up or down from last closing price. If Alto Metals Limited takes out the full calculated possible swing range there will be an estimated 14.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0320 (3.23%) than the support at $0.0300 (3.23%), 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 Alto Metals Limited stock A Buy?
Alto Metals Limited 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.
Current score: -3.957 Sell Candidate Unchanged
Predicted Opening Price for Alto Metals Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $0.0307 ( 1.08%) | $0.0310 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AME.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0317 | 2.15% |
| R2 | 0.0313 | 0.92% |
| R1 | 0.0310 | 0.157% |
| Price | 0.0310 | |
| S1 | 0.0303 | -2.31% |
| S2 | 0.0300 | -3.07% |
| S3 | 0.0297 | -4.30% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0380 | 22.58% |
| R2 | 0.0330 | 6.45% |
| R1 | 0.0320 | 3.23% |
| Price | 0.0310 | |
| S1 | 0.0300 | -3.23% |
| S2 | 0.0290 | -6.45% |
| S3 | 0 | - |
FAQ
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