BluGlass Limited Stock Forecast

BluGlass Limited stock price fell more than -5.13% Wednesday closing at $0.0370
(Updated on May 08, 2024)

BLG.AX Signals & Forecast

The BluGlass Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.0371. On a fall, the stock will find some support from the long-term average at approximately $0.0342. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -5.13%. Further fall is indicated until a new bottom pivot has been found. BluGlass 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".

Support, Risk & Stop-loss for BluGlass Limited stock

BluGlass Limited finds support from accumulated volume at $0.0360 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 $0.0020 between high and low, or 5.41%. For the last week, the stock has had daily average volatility of 4.92%.

Our recommended stop-loss: $0.0352 (-4.87%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (BLG.AX) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect BluGlass Limited to open at $0.0377, and during the day (based on 14 day Average True Range), to move between $0.0349 and $0.0391, which gives a possible trading interval of +/-$0.0021 (+/-5.68%) up or down from last closing price. If BluGlass Limited takes out the full calculated possible swing range there will be an estimated 11.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0380 (2.70%) than the support at $0.0360 (2.70%), 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 BluGlass Limited stock A Buy?

BluGlass 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: -0.824 Hold/Accumulate Downgraded

Predicted Opening Price for BluGlass Limited of Thursday, May 9, 2024

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