Black Cat Syndicate Limited Stock Forecast
Volatile ride for Black Cat Syndicate Limited stock price on Thursday moving between $0.275 and $0.305
(Updated on May 09, 2024)
The Black Cat Syndicate Limited stock price fell by -1.79% on the last day (Thursday, 9th May 2024) from $0.280 to $0.275. During the last trading day the stock fluctuated 10.91% from a day low at $0.275 to a day high of $0.305. The price has fallen in 6 of the last 10 days but is still up by 1.85% over the past 2 weeks. Volume has increased on the last day by 2 million 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, 3 million shares were bought and sold for approximately $832.07 thousand.
The stock lies in the upper part of a wide and strong rising 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 $0.281 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 46.41% during the next 3 months and, with a 90% probability hold a price between $0.354 and $0.412 at the end of this 3-month period.
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BC8.AX Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, May 08, 2024, and so far it has fallen -1.79%. 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). Black Cat Syndicate 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". The Black Cat Syndicate Limited 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 $0.267 and $0.252. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Black Cat Syndicate Limited stock
Black Cat Syndicate Limited finds support from accumulated volume at $0.270 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 $0.0300 between high and low, or 10.91%. For the last week, the stock has had daily average volatility of 4.87%.
Our recommended stop-loss: $0.265 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (BC8.AX) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Black Cat Syndicate Limited to open at $0.285, and during the day (based on 14 day Average True Range), to move between $0.262 and $0.288, which gives a possible trading interval of +/-$0.0127 (+/-4.63%) up or down from last closing price. If Black Cat Syndicate Limited takes out the full calculated possible swing range there will be an estimated 9.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.280 (1.82%) than the support at $0.270 (1.82%), 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 Black Cat Syndicate Limited stock A Buy?
Black Cat Syndicate Limited 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. 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 Hold/Accumulate candidate.
Current score: 0.732 Hold/Accumulate Downgraded
Predicted Opening Price for Black Cat Syndicate Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $0.285 ( 3.64%) | $0.275 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BC8.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.315 | 14.55 % | |
| R2 | 0.304 | 10.38 % | ||
| R1 | 0.296 | 7.80 % | ||
| Current price: | 0.275 | |||
| Support | S1 | 0.274 | -0.531 % | |
| S2 | 0.266 | -3.11 % | ||
| S3 | 0.255 | -7.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.280 | 1.82 % | ||
| Current price | 0.275 | |||
| Support | S1 | 0.270 | -1.82% | |
| S2 | 0.265 | -3.64% | ||
| S3 | 0.260 | -5.45% |
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