Greenvale Mining Limited Stock Forecast
A very strong day for Greenvale Mining Limited stock price on Tuesday
(Updated on Apr 30, 2024)
The Greenvale Mining Limited stock price gained 13.24% on the last trading day (Tuesday, 30th Apr 2024), rising from $0.0680 to $0.0770. During the last trading day the stock fluctuated 1.30% from a day low at $0.0770 to a day high of $0.0780. The price has fallen in 4 of the last 10 days but is still up by 4.05% 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, 213 thousand more shares were traded than the day before. In total, 213 thousand shares were bought and sold for approximately $16.40 thousand.
The stock lies the upper part of a very wide and falling 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 $0.0776 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -16.33% during the next 3 months and, with a 90% probability hold a price between $0.0496 and $0.0649 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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GRV.AX Signals & Forecast
The Greenvale Mining Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0694 and $0.0754. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 16.67%. Further rise is indicated until a new top pivot has been found. Greenvale Mining 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Greenvale Mining Limited stock
Greenvale Mining Limited finds support from accumulated volume at $0.0750 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 $0.0010 between high and low, or 1.30%. For the last week, the stock has had daily average volatility of 2.63%.
Our recommended stop-loss: $0.0739 (-4.00%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (GRV.AX) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Greenvale Mining Limited to open at $0.0773, and during the day (based on 14 day Average True Range), to move between $0.0725 and $0.0815, which gives a possible trading interval of +/-$0.0045 (+/-5.83%) up or down from last closing price. If Greenvale Mining Limited takes out the full calculated possible swing range there will be an estimated 11.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0750 (2.60%) than the resistance at $0.0800 (3.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Greenvale Mining Limited stock A Buy?
Greenvale Mining Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 Greenvale Mining Limited of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $0.0773 ( 0.433%) | $0.0770 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRV.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0783 | 1.73 % | |
| R2 | 0.0780 | 1.24 % | ||
| R1 | 0.0777 | 0.93 % | ||
| Current price: | 0.0770 | |||
| Support | S1 | 0.0770 | -0.0632 % | |
| S2 | 0.0767 | -0.370 % | ||
| S3 | 0.0763 | -0.87 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0850 | 10.39 % | |
| R2 | 0.0820 | 6.49 % | ||
| R1 | 0.0800 | 3.90 % | ||
| Current price | 0.0770 | |||
| Support | S1 | 0.0750 | -2.60% | |
| S2 | 0.0740 | -3.90% | ||
| S3 | 0.0700 | -9.09% |
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