Bannerman Resources Limited Stock Forecast
Strong day for Bannerman Resources Limited stock price on Friday rising 5.35% to $3.74
(Updated on Apr 19, 2024)
The Bannerman Resources Limited stock price gained 5.35% on the last trading day (Friday, 19th Apr 2024), rising from $3.55 to $3.74. During the last trading day the stock fluctuated 6.50% from a day low at $3.54 to a day high of $3.77. The price has fallen in 6 of the last 10 days and is down by -5.32% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 351 thousand more shares were traded than the day before. In total, 674 thousand shares were bought and sold for approximately $2.52 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.61% during the next 3 months and, with a 90% probability hold a price between $3.14 and $4.51 at the end of this 3-month period.
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BMN.AX Signals & Forecast
The Bannerman Resources 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 $3.78. On a fall, the stock will find some support from the long-term average at approximately $3.49. 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. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.35%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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).
Support, Risk & Stop-loss for Bannerman Resources Limited stock
Bannerman Resources Limited finds support from accumulated volume at $3.63 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 $0.230 between high and low, or 6.50%. For the last week, the stock has had daily average volatility of 5.52%.
Our recommended stop-loss: $3.59 (-3.98%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (BMN.AX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Bannerman Resources Limited to open at $3.68, and during the day (based on 14 day Average True Range), to move between $3.56 and $3.92, which gives a possible trading interval of +/-$0.181 (+/-4.85%) up or down from last closing price. If Bannerman Resources Limited takes out the full calculated possible swing range there will be an estimated 9.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.81 (1.87%) than the support at $3.63 (2.94%), 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 Bannerman Resources Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bannerman Resources Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.766 Buy Candidate Upgraded
Predicted Opening Price for Bannerman Resources Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $3.68 ( 1.52%) | $3.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BMN.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.91 | 4.63 % | |
| R2 | 3.83 | 2.29 % | ||
| R1 | 3.77 | 0.83 % | ||
| Current price: | 3.74 | |||
| Support | S1 | 3.60 | -3.86 % | |
| S2 | 3.54 | -5.32 % | ||
| S3 | 3.45 | -7.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.13 | 10.43 % | |
| R2 | 3.95 | 5.61 % | ||
| R1 | 3.81 | 1.87 % | ||
| Current price | 3.74 | |||
| Support | S1 | 3.63 | -2.94% | |
| S2 | 3.50 | -6.42% | ||
| S3 | 2.99 | -20.05% |
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