Elevate Uranium Ltd Stock Forecast

Elevate Uranium Ltd stock downgraded to Hold/Accumulate
(Updated on May 24, 2024)

ELVUF Signals & Forecast

The Elevate Uranium 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 $0.366 and $0.337. 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). 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 23, 2024, and so far it has fallen -3.21%. Further fall is indicated until a new bottom pivot has been found. Elevate Uranium Ltd gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Elevate Uranium Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.343 and $0.340. 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, Elevate Uranium Ltd finds support just below today's level at $0.343. If this is broken, then the next support from accumulated volume will be at $0.340 and $0.304.

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 $0.0286 between high and low, or 7.78%. For the last week, the stock has had daily average volatility of 7.15%.

Our recommended stop-loss: $0.353 (-3.98%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (ELVUF) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Elevate Uranium Ltd to open at $0.377, and during the day (based on 14 day Average True Range), to move between $0.346 and $0.390, which gives a possible trading interval of +/-$0.0219 (+/-5.96%) up or down from last closing price. If Elevate Uranium Ltd takes out the full calculated possible swing range there will be an estimated 11.92% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.375 (1.96%) than the support at $0.343 (6.66%), 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 Elevate Uranium Ltd stock A Buy?

Elevate Uranium Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Elevate Uranium Ltd of Tuesday, May 28, 2024

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