Ardea Resources Ltd Stock Forecast

Ardea Resources Ltd stock price up more than 7.95% on Friday
(Updated on May 17, 2024)

ARRRF Signals & Forecast

There are mixed signals in the stock today. The Ardea Resources Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.451. On a fall, the stock will find some support from the short-term average at $0.403. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -20.85%. 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). Ardea Resources Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Ardea Resources Ltd stock

Ardea Resources Ltd finds support from accumulated volume at $0.410 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0%.

Our recommended stop-loss: $0.394 (-6.40%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (ARRRF) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Ardea Resources Ltd to open at $0.421, and during the day (based on 14 day Average True Range), to move between $0.404 and $0.438, which gives a possible trading interval of +/-$0.0168 (+/-3.98%) up or down from last closing price. If Ardea Resources Ltd takes out the full calculated possible swing range there will be an estimated 7.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.410 (2.61%) than the resistance at $0.450 (6.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Ardea Resources Ltd stock A Buy?

Ardea Resources Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Ardea Resources Ltd of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.