Carnavale Resources Ltd Stock Forecast

Carnavale Resources Ltd stock price ended at A$0.0050 on Tuesday, after losing 0%.
(Updated on Jun 18, 2024)

CAV.AX Signals & Forecast

There are mixed signals in the stock today. The Carnavale 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 A$0.0050 and A$0.0052. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Monday, May 20, 2024 and based on theory for this formation the price should fall by -6.67% to A$0.0047 within 3 trading days since signal was issued (Wednesday, June 19, 2024).

Support, Risk & Stop-loss for Carnavale Resources Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at A$0.0040. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at A$ may give a huge drop in the stock price.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved A$0 between high and low, or 0%. For the last week the stock has had daily average volatility of 15.00%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CAV.AX) For The Upcoming Trading Day Of Wednesday 19th

For the upcoming trading day on Wednesday, 19th we expect Carnavale Resources Ltd to open at A$0.0050, and during the day (based on 14 day Average True Range), to move between A$0.0045 and A$0.0055, which gives a possible trading interval of +/-A$0.0005 (+/-9.96%) up or down from last closing price. If Carnavale Resources Ltd takes out the full calculated possible swing range there will be an estimated 19.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at A$0.0060 (20.00%) than the support at A$0.0040 (20.00%), 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 Carnavale Resources Ltd stock A Buy?

Carnavale Resources Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -1.484 Sell Candidate Unchanged

Predicted Opening Price for Carnavale Resources Ltd of Wednesday, June 19, 2024

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