Blue Lagoon Resources Inc. Stock Forecast
Blue Lagoon Resources Inc. stock price ended at $0.101 on Wednesday, after gaining 0.600%.
(Updated on May 01, 2024)
The Blue Lagoon Resources Inc. stock price gained 0.600% on the last trading day (Wednesday, 1st May 2024), rising from $0.100 to $0.101. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.57% from a day low at $0.0962 to a day high of $0.101. The price has risen in 7 of the last 10 days and is up by 5.89% over the past 2 weeks. Volume fell on the last day by -61 thousand shares and in total, 2 thousand shares were bought and sold for approximately $247.07 . 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 in the middle of a 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 -7.79% during the next 3 months and, with a 90% probability hold a price between $0.0812 and $0.0960 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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BLAGF Signals & Forecast
The Blue Lagoon Resources Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0959 and $0.0976. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 11.78%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Blue Lagoon Resources Inc. stock
Blue Lagoon Resources Inc. finds support from accumulated volume at $0.100 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0044 between high and low, or 4.57%. For the last week the stock has had daily average volatility of 4.83%.
Our recommended stop-loss: $0.0970 (-3.56%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (BLAGF) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Blue Lagoon Resources Inc. to open at $0.0991, and during the day (based on 14 day Average True Range), to move between $0.0930 and $0.108, which gives a possible trading interval of +/-$0.0076 (+/-7.55%) up or down from last closing price. If Blue Lagoon Resources Inc. takes out the full calculated possible swing range there will be an estimated 15.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.100 (0.60%) than the resistance at $0.104 (3.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Blue Lagoon Resources Inc. 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.
Current score: 2.255 Buy Candidate Unchanged
Predicted Opening Price for Blue Lagoon Resources Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.0991 ( 1.46%) | $0.101 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BLAGF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.104 | 2.92 % | |
| R2 | 0.102 | 1.25 % | ||
| R1 | 0.101 | 0.213 % | ||
| Current price: | 0.101 | |||
| Support | S1 | 0.0975 | -3.13 % | |
| S2 | 0.0964 | -4.16 % | ||
| S3 | 0.0947 | -5.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.106 | 5.77 % | |
| R2 | 0.105 | 4.37 % | ||
| R1 | 0.104 | 3.08 % | ||
| Current price | 0.101 | |||
| Support | S1 | 0.100 | -0.596% | |
| S2 | 0.0993 | -1.29% | ||
| S3 | 0.0983 | -2.30% |
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