Eloro Resources Ltd. Stock Forecast
Eloro Resources Ltd. stock price up more than 9.29% on Friday
(Updated on May 17, 2024)
The Eloro Resources Ltd. stock price gained 9.29% on the last trading day (Friday, 17th May 2024), rising from $1.20 to $1.31. During the last trading day the stock fluctuated 7.32% from a day low at $1.23 to a day high of $1.32. The price has risen in 6 of the last 10 days and is up by 11.14% 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, 13 thousand more shares were traded than the day before. In total, 37 thousand shares were bought and sold for approximately $48.84 thousand.
The stock lies in the middle of a very 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 36.03% during the next 3 months and, with a 90% probability hold a price between $1.56 and $1.96 at the end of this 3-month period.
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ELRRF Signals & Forecast
The Eloro 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 $1.23 and $1.20. A breakdown below any of these levels will issue sell signals. Eloro 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. The very low volume increases the risk and reduces the other technical signals issued. 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 Friday, April 26, 2024, and so far it has fallen -2.85%. 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).
Support, Risk & Stop-loss for Eloro Resources Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.18 and $1.07. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Eloro Resources Ltd. finds support just below today's level at $1.18. If this is broken, then the next support from accumulated volume will be at $1.07 and $1.03.
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 $0.0900 between high and low, or 7.32%. For the last week, the stock has had daily average volatility of 5.49%.
Our recommended stop-loss: $1.26 (-4.19%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (ELRRF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Eloro Resources Ltd. to open at $1.29, and during the day (based on 14 day Average True Range), to move between $1.24 and $1.38, which gives a possible trading interval of +/-$0.0683 (+/-5.21%) up or down from last closing price. If Eloro Resources Ltd. takes out the full calculated possible swing range there will be an estimated 10.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.33 (1.72%) than the support at $1.18 (10.03%), 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 Eloro 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 Eloro 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: 3.964 Buy Candidate Upgraded
Predicted Opening Price for Eloro Resources Ltd. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.29 ( 1.86%) | $1.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELRRF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.38 | 5.01 % | |
| R2 | 1.34 | 2.39 % | ||
| R1 | 1.32 | 0.766 % | ||
| Current price: | 1.31 | |||
| Support | S1 | 1.25 | -4.48 % | |
| S2 | 1.23 | -6.10 % | ||
| S3 | 1.20 | -8.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.35 | 2.94 % | |
| R2 | 1.34 | 1.79 % | ||
| R1 | 1.33 | 1.72 % | ||
| Current price | 1.31 | |||
| Support | S1 | 1.18 | -10.03% | |
| S2 | 1.07 | -18.41% | ||
| S3 | 1.03 | -21.46% |
FAQ
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