Elevate Uranium Ltd Stock Forecast
A very red day for Elevate Uranium Ltd stock price after a -6.03% fall in the Friday trading session
(Updated on Jun 14, 2024)
The Elevate Uranium Ltd stock price fell by -6.03% on the last day (Friday, 14th Jun 2024) from $0.345 to $0.324. During the last trading day the stock fluctuated 4.58% from a day low at $0.310 to a day high of $0.324. The price has been going up and down for this period, and there has been a -6.03% loss for the last 2 weeks. Volume has increased on the last day by 4 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 thousand shares were bought and sold for approximately $1.13 thousand.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.314 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.58% during the next 3 months and, with a 90% probability hold a price between $0.335 and $0.433 at the end of this 3-month period.
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ELVUF Signals & Forecast
There are few to no technical positive signals at the moment. The Elevate Uranium 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 $0.342 and $0.344. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 23, 2024, and so far it has fallen -14.68%. 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). 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Elevate Uranium Ltd stock
Elevate Uranium Ltd finds support from accumulated volume at $0.320 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0142 between high and low, or 4.58%. For the last week, the stock has had daily average volatility of 0.92%.
Elevate Uranium Ltd is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $0.309 (-4.69%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 24 which reduces the risk some. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (ELVUF) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect Elevate Uranium Ltd to open at $0.319, and during the day (based on 14 day Average True Range), to move between $0.310 and $0.338, which gives a possible trading interval of +/-$0.0143 (+/-4.40%) up or down from last closing price. If Elevate Uranium Ltd takes out the full calculated possible swing range there will be an estimated 8.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.320 (1.30%) than the resistance at $0.340 (4.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elevate Uranium Ltd stock A Buy?
Elevate Uranium Ltd holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
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 Monday, June 17, 2024
Fair opening price June 17, 2024 | Current price |
---|---|
$0.319 ( 1.46%) | $0.324 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELVUF
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.334 | 2.92% |
R2 | 0.328 | 1.25% |
R1 | 0.325 | 0.213% |
Price | 0.324 | |
S1 | 0.314 | -3.13% |
S2 | 0.311 | -4.17% |
S3 | 0.305 | -5.84% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.375 | 15.67% |
R2 | 0.368 | 13.45% |
R1 | 0.340 | 4.87% |
Price | 0.324 | |
S1 | 0.320 | -1.30% |
S2 | 0.313 | -3.45% |
S3 | 0.310 | -4.38% |
FAQ
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