Base Resources Limited Stock Forecast

Base Resources Limited stock price down 0% on Friday
(Updated on May 03, 2024)

BSE.AX Signals & Forecast

The Base Resources Limited 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 $0.248 and $0.145. 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). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". 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 Thursday, May 02, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Base Resources Limited stock

Base Resources Limited finds support from accumulated volume at $0.245 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0050 between high and low, or 2.04%. For the last week, the stock has had daily average volatility of 2.49%.

The Base Resources Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $0.242 (-3.30%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 85 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (BSE.AX) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Base Resources Limited to open at $0.248, and during the day (based on 14 day Average True Range), to move between $0.236 and $0.264, which gives a possible trading interval of +/-$0.0143 (+/-5.72%) up or down from last closing price. If Base Resources Limited takes out the full calculated possible swing range there will be an estimated 11.45% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $0.245, some $0.0050 (2.00%) from the current price of $0.250, our system finds the risk reward attractive.

Is Base 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 Base Resources Limited stock to perform well in the short-term.

Current score: 2.559 Buy Candidate Unchanged

Predicted Opening Price for Base Resources Limited of Monday, May 6, 2024

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