Global Lithium Resources Limited Stock Forecast
Big movements in Global Lithium Resources Limited stock price on Thursday moving 12.73% between high and low
(Updated on Jun 20, 2024)
The Global Lithium Resources Limited stock price fell by -8.33% on the last day (Thursday, 20th Jun 2024) from $0.300 to $0.275. During the last trading day the stock fluctuated 12.73% from a day low at $0.275 to a day high of $0.310. The price has fallen in 6 of the last 10 days and is down by -22.54% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -559 thousand shares and in total, 245 thousand shares were bought and sold for approximately $67.38 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -42.36% during the next 3 months and, with a 90% probability hold a price between $0.142 and $0.177 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GL1.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Global Lithium Resources 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 $0.300 and $0.358. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -33.73%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Global Lithium Resources Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0350 between high and low, or 12.73%. For the last week the stock has had daily average volatility of 11.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GL1.AX) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Global Lithium Resources Limited to open at $0.287, and during the day (based on 14 day Average True Range), to move between $0.249 and $0.301, which gives a possible trading interval of +/-$0.0257 (+/-9.33%) up or down from last closing price. If Global Lithium Resources Limited takes out the full calculated possible swing range there will be an estimated 18.67% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.285, some $0.0100 (3.64%) from the current price of $0.275, our system finds the risk reward not very attractive.
Is Global Lithium Resources Limited stock A Buy?
Global Lithium Resources Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.304 Strong Sell Candidate Downgraded
Predicted Opening Price for Global Lithium Resources Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $0.287 ( 4.24%) | $0.275 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GL1.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.322 | 16.97% |
| R2 | 0.308 | 12.11% |
| R1 | 0.300 | 9.10% |
| Price | 0.275 | |
| S1 | 0.273 | -0.619% |
| S2 | 0.265 | -3.62% |
| S3 | 0.252 | -8.48% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.320 | 16.36% |
| R2 | 0.310 | 12.73% |
| R1 | 0.285 | 3.64% |
| Price | 0.275 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
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