Fortune Minerals Limited Stock Forecast
Red day on Friday for Fortune Minerals Limited stock after losing 0%
(Updated on May 10, 2024)
No changes to the price of Fortune Minerals Limited stock on the last trading day (Friday, 10th May 2024). During the last trading day the stock fluctuated 9.09% from a day low at $0.0550 to a day high of $0.0600. The price has risen in 5 of the last 10 days and is up by 33.33% over the past 2 weeks.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.0603 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 35.24% during the next 3 months and, with a 90% probability hold a price between $0.0441 and $0.0815 at the end of this 3-month period.
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FT.TO Signals & Forecast
The Fortune Minerals Limited 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 $0.0571 and $0.0411. 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 09, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Friday, April 12, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Friday, April 12, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Fortune Minerals Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0550 and $0.0500. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0500 may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0050 between high and low, or 9.09%. For the last week the stock has had daily average volatility of 11.45%.
The Fortune Minerals Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.0579 (-3.44%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (FT.TO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Fortune Minerals Limited to open at $0.0583, and during the day (based on 14 day Average True Range), to move between $0.0545 and $0.0655, which gives a possible trading interval of +/-$0.0055 (+/-9.23%) up or down from last closing price. If Fortune Minerals Limited takes out the full calculated possible swing range there will be an estimated 18.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.0550, some $0.0050 (8.33%) from the current price of $0.0600, our system finds the risk reward attractive.
Is Fortune Minerals Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Fortune Minerals Limited stock to perform well in the short-term.
Current score: 2.558 Buy Candidate Unchanged
Predicted Opening Price for Fortune Minerals Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.0583 ( 2.78%) | $0.0600 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FT.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0633 | 5.56 % | |
| R2 | 0.0614 | 2.37 % | ||
| R1 | 0.0602 | 0.406 % | ||
| Current price: | 0.0600 | |||
| Support | S1 | 0.0564 | -5.96 % | |
| S2 | 0.0552 | -7.93 % | ||
| S3 | 0.0533 | -11.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.0600 | |||
| Support | S1 | 0.0550 | -8.33% | |
| S2 | 0.0500 | -16.67% | ||
| S3 | 0 | . |
FAQ
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