Bannerman Resources Ltd Stock Forecast
Bannerman Resources Ltd stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Bannerman Resources Ltd stock price gained 1.62% on the last trading day (Friday, 17th May 2024), rising from $2.96 to $3.01. During the last trading day the stock fluctuated 5.52% from a day low at $2.90 to a day high of $3.06. The price has risen in 5 of the last 10 days and is up by 5.54% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 79 thousand more shares were traded than the day before. In total, 102 thousand shares were bought and sold for approximately $306.88 thousand.
The stock lies in the middle of a wide and strong 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 45.17% during the next 3 months and, with a 90% probability hold a price between $3.73 and $4.64 at the end of this 3-month period.
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BNNLF Signals & Forecast
The Bannerman Resources Ltd 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 $2.95 and $2.62. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Bannerman Resources Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 -1.86%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Bannerman Resources Ltd stock
Bannerman Resources Ltd finds support from accumulated volume at $3.00 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 $0.160 between high and low, or 5.52%. For the last week, the stock has had daily average volatility of 2.78%.
Our recommended stop-loss: $2.89 (-4.01%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (BNNLF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Bannerman Resources Ltd to open at $2.99, and during the day (based on 14 day Average True Range), to move between $2.89 and $3.12, which gives a possible trading interval of +/-$0.115 (+/-3.83%) up or down from last closing price. If Bannerman Resources Ltd takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.00 (0.27%) than the resistance at $3.07 (1.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bannerman Resources Ltd 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 Ltd 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: 3.820 Buy Candidate Upgraded
Predicted Opening Price for Bannerman Resources Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $2.99 ( 0.621%) | $3.01 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 3.15 | 4.70 % | |
| R2 | 3.09 | 2.67 % | ||
| R1 | 3.05 | 1.41 % | ||
| Current price: | 3.01 | |||
| Support | S1 | 2.93 | -2.65 % | |
| S2 | 2.89 | -3.91 % | ||
| S3 | 2.83 | -5.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 3.07 | 1.89 % | ||
| Current price | 3.01 | |||
| Support | S1 | 3.00 | -0.266% | |
| S2 | 2.75 | -8.58% | ||
| S3 | 2.58 | -14.23% |
FAQ
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