Fortuna Silver Mines Inc Stock Forecast
Green day on Tuesday for Fortuna Silver Mines Inc stock after gaining 2.27%
(Updated on Jul 02, 2024)
The Fortuna Silver Mines Inc stock price gained 2.27% on the last trading day (Tuesday, 2nd Jul 2024), rising from $4.84 to $4.95. During the last trading day the stock fluctuated 2.27% from a day low at $4.85 to a day high of $4.96. The price has fallen in 5 of the last 10 days but is still up by 1.64% 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, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $22.29 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $4.85 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 11.68% during the next 3 months and, with a 90% probability hold a price between $5.42 and $7.29 at the end of this 3-month period.
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FSM Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 2.27%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Fortuna Silver Mines Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $5.36. On a fall, the stock will find some support from the short-term average at $4.90. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Fortuna Silver Mines Inc stock
Fortuna Silver Mines Inc finds support from accumulated volume at $4.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.110 between high and low, or 2.27%. For the last week, the stock has had daily average volatility of 2.90%.
Our recommended stop-loss: $4.66 (-5.84%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (FSM) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Fortuna Silver Mines Inc to open at $4.92, and during the day (based on 14 day Average True Range), to move between $4.75 and $5.15, which gives a possible trading interval of +/-$0.195 (+/-3.95%) up or down from last closing price. If Fortuna Silver Mines Inc takes out the full calculated possible swing range there will be an estimated 7.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.88 (1.41%) than the resistance at $5.07 (2.42%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Fortuna Silver Mines Inc stock A Buy?
Fortuna Silver Mines Inc 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.
Current score: 0.454 Hold/Accumulate Unchanged
Predicted Opening Price for Fortuna Silver Mines Inc of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$4.92 ( 0.606%) | $4.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FSM
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 5.03 | 1.62% |
R2 | 4.99 | 0.767% |
R1 | 4.96 | 0.243% |
Price | 4.95 | |
S1 | 4.88 | -1.45% |
S2 | 4.85 | -1.98% |
S3 | 4.81 | -2.83% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 5.84 | 17.98% |
R2 | 5.29 | 6.87% |
R1 | 5.07 | 2.42% |
Price | 4.95 | |
S1 | 4.88 | -1.41% |
S2 | 4.68 | -5.45% |
S3 | 4.57 | -7.68% |
FAQ
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