Empire Resources Ltd Stock Forecast

High volatility in Empire Resources Ltd stock price on Tuesday which ended trading at A$0.0030
(Updated on Jun 18, 2024)

ERL.AX Signals & Forecast

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. The Empire Resources Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at A$0.0039 and A$0.0032. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -25.00%. Further fall is indicated until a new bottom pivot has been found. Empire Resources 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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Friday, May 03, 2024 and based on theory for this formation the price should go up by 33.33% to A$0.0040 within 2 trading days since signal was issued (Wednesday, June 19, 2024).

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

On the downside, the stock finds support just below today's level from accumulated volume at A$0.0028. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at A$ may give a huge drop in the stock price.

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 A$0.0010 between high and low, or 33.33%. For the last week, the stock has had daily average volatility of 6.67%.

Our recommended stop-loss: A$0.0029 (-5.00%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 2 days ago.)

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

For the upcoming trading day on Wednesday, 19th we expect Empire Resources Ltd to open at A$0.0033, and during the day (based on 14 day Average True Range), to move between A$0.0027 and A$0.0033, which gives a possible trading interval of +/-A$0.0003 (+/-10.74%) up or down from last closing price. If Empire Resources Ltd takes out the full calculated possible swing range there will be an estimated 21.48% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ A$0.0028, some A$0.0003 (8.33%) from the current price of A$0.0030, our system finds the risk reward attractive.

Is Empire Resources Ltd stock A Buy?

Empire Resources 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 Empire Resources Ltd of Wednesday, June 19, 2024

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