E3 Lithium Limited Stock Forecast
Green day on Friday for E3 Lithium Limited
(Updated on May 31, 2024)
The E3 Lithium Limited stock price gained 0.581% on the last trading day (Friday, 31st May 2024), rising from $1.72 to $1.73. During the last trading day the stock fluctuated 6.10% from a day low at $1.64 to a day high of $1.74. The price has risen in 5 of the last 10 days and is up by 2.98% 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, 72 thousand more shares were traded than the day before. In total, 118 thousand shares were bought and sold for approximately $204.32 thousand.
The stock lies in the middle of a very wide and weak 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 9.66% during the next 3 months and, with a 90% probability hold a price between $1.75 and $2.24 at the end of this 3-month period.
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ETL.V Signals & Forecast
There are mixed signals in the stock today. The E3 Lithium Limited 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 $1.74 and $1.75. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, May 08, 2024, and so far it has risen 3.59%. 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). E3 Lithium Limited 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. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for E3 Lithium Limited stock
E3 Lithium Limited finds support from accumulated volume at $1.66 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.100 (6.10%) between high and low. For the last week, the stock has had daily average volatility of 3.82%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ETL.V) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect E3 Lithium Limited to open at $1.70, and during the day (based on 14 day Average True Range), to move between $1.66 and $1.80, which gives a possible trading interval of +/-$0.0743 (+/-4.30%) up or down from last closing price. If E3 Lithium Limited takes out the full calculated possible swing range there will be an estimated 8.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.78 (2.89%) than the support at $1.66 (4.05%), 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 E3 Lithium Limited stock A Buy?
E3 Lithium Limited 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: -2.460 Sell Candidate Unchanged
Predicted Opening Price for E3 Lithium Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $1.70 ( 1.54%) | $1.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETL.V
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.80 | 4.24 % | |
| R2 | 1.77 | 2.03 % | ||
| R1 | 1.74 | 0.667 % | ||
| Current price: | 1.73 | |||
| Support | S1 | 1.67 | -3.75 % | |
| S2 | 1.64 | -5.11 % | ||
| S3 | 1.60 | -7.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.95 | 12.72 % | |
| R2 | 1.81 | 4.62 % | ||
| R1 | 1.78 | 2.89 % | ||
| Current price | 1.73 | |||
| Support | S1 | 1.66 | -4.05% | |
| S2 | 1.59 | -8.09% | ||
| S3 | 1.56 | -9.83% |
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