Bannerman Resources Ltd Stock Forecast
Bannerman Resources Ltd stock price ended at $2.08 on Tuesday, after losing 3.70%.
(Updated on Jul 02, 2024)
The Bannerman Resources Ltd stock price fell by -3.70% on the last day (Tuesday, 2nd Jul 2024) from $2.16 to $2.08. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.92% from a day low at $2.08 to a day high of $2.12. The price has fallen in 5 of the last 10 days and is down by -18.75% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -4 thousand shares and in total, 7 thousand shares were bought and sold for approximately $13.94 thousand.
Given the current horizontal trend, you can expect Bannerman Resources Ltd stock with a 90% probability to be traded between $2.09 and $3.21 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BNNLF Signals & Forecast
There are few to no technical positive signals at the moment. The Bannerman Resources Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.33 and $2.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -34.59%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Bannerman Resources Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0400 between high and low, or 1.92%. For the last week the stock has had daily average volatility of 0.94%.
Bannerman Resources Ltd is oversold on RSI14 (5). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BNNLF) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Bannerman Resources Ltd to open at $2.09, and during the day (based on 14 day Average True Range), to move between $2.01 and $2.15, which gives a possible trading interval of +/-$0.0725 (+/-3.48%) up or down from last closing price. If Bannerman Resources Ltd takes out the full calculated possible swing range there will be an estimated 6.97% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $2.24, some $0.160 (7.69%) from the current price of $2.08, our system finds the risk reward not very attractive.
Is Bannerman Resources Ltd stock A Buy?
Bannerman Resources Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.713 Sell Candidate Unchanged
Predicted Opening Price for Bannerman Resources Ltd of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $2.09 ( 0.641%) | $2.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNNLF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.13 | 2.56% |
| R2 | 2.12 | 1.83% |
| R1 | 2.11 | 1.38% |
| Price | 2.08 | |
| S1 | 2.08 | -0.0936% |
| S2 | 2.07 | -0.547% |
| S3 | 2.05 | -1.28% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.58 | 24.04% |
| R2 | 2.57 | 23.56% |
| R1 | 2.24 | 7.69% |
| Price | 2.08 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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