Fortune Minerals Ltd. Stock Forecast
Big movements in Fortune Minerals Ltd. stock price on Thursday moving 38.00% between high and low
(Updated on May 16, 2024)
The Fortune Minerals Ltd. stock price gained 32.29% on the last trading day (Thursday, 16th May 2024), rising from $0.0446 to $0.0590. During the last trading day the stock fluctuated 38.00% from a day low at $0.0500 to a day high of $0.0690. The price has risen in 5 of the last 10 days and is up by 46.77% 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, 536 thousand more shares were traded than the day before. In total, 572 thousand shares were bought and sold for approximately $33.76 thousand.
Given the current short-term trend, the stock is expected to rise 33.82% during the next 3 months and, with a 90% probability hold a price between $0.0390 and $0.0790 at the end of this 3-month period.
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FTMDF Signals & Forecast
The Fortune Minerals Ltd. 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 $0.0447 and $0.0326. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 03, 2024, and so far it has risen 173.15%. 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). Fortune Minerals Ltd. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Fortune Minerals Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0447 and $0.0446. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Fortune Minerals Ltd. finds support just below today's level at $0.0447. If this is broken, then the next support from accumulated volume will be at $0.0446 and $0.0443.
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 $0.0190 between high and low, or 38.00%. For the last week, the stock has had daily average volatility of 10.70%.
The Fortune Minerals Ltd. 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 and the RSI is still moving upwards. 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: $0.0570 (-3.40%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (FTMDF) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Fortune Minerals Ltd. to open at $0.0593, and during the day (based on 14 day Average True Range), to move between $0.0542 and $0.0638, which gives a possible trading interval of +/-$0.0048 (+/-8.14%) up or down from last closing price. If Fortune Minerals Ltd. takes out the full calculated possible swing range there will be an estimated 16.27% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.0447, some $0.0143 (24.24%) from the current price of $0.0590, our system finds the risk reward attractive.
Is Fortune Minerals Ltd. stock A Buy?
Fortune Minerals Ltd. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 Fortune Minerals Ltd. of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $0.0593 ( 0.565%) | $0.0590 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FTMDF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0783 | 32.77 % | |
| R2 | 0.0711 | 20.47 % | ||
| R1 | 0.0666 | 12.87 % | ||
| Current price: | 0.0590 | |||
| Support | S1 | 0.0521 | -11.74 % | |
| S2 | 0.0476 | -19.34 % | ||
| S3 | 0.0403 | -31.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.0590 | |||
| Support | S1 | 0.0447 | -24.24% | |
| S2 | 0.0446 | -24.41% | ||
| S3 | 0.0443 | -24.92% |
FAQ
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