Hannan Metals Ltd. Stock Forecast
Hannan Metals Ltd. stock price ended at $0.318 on Friday, after gaining 1.30%.
(Updated on May 17, 2024)
The Hannan Metals Ltd. stock price gained 1.30% on the last trading day (Friday, 17th May 2024), rising from $0.314 to $0.318. During the last trading day the stock fluctuated 5.23% from a day low at $0.306 to a day high of $0.322. The price has been going up and down for this period, and there has been a 5.36% gain for the last 2 weeks. Volume fell on the last day by -167 thousand shares and in total, 31 thousand shares were bought and sold for approximately $9.77 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a 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 $0.312 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 171.03% during the next 3 months and, with a 90% probability hold a price between $0.85 and $1.01 at the end of this 3-month period.
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HANNF Signals & Forecast
The Hannan Metals Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.323. On a fall, the stock will find some support from the long-term average at approximately $0.300. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, May 14, 2024, and so far it has fallen -6.08%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Hannan Metals Ltd. stock
Hannan Metals Ltd. finds support from accumulated volume at $0.314 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0160 between high and low, or 5.23%. For the last week the stock has had daily average volatility of 6.69%.
Our recommended stop-loss: $0.301 (-5.52%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (HANNF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Hannan Metals Ltd. to open at $0.315, and during the day (based on 14 day Average True Range), to move between $0.294 and $0.343, which gives a possible trading interval of +/-$0.0242 (+/-7.60%) up or down from last closing price. If Hannan Metals Ltd. takes out the full calculated possible swing range there will be an estimated 15.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.321 (0.82%) than the support at $0.314 (1.29%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Hannan Metals Ltd. stock A Buy?
Hannan Metals Ltd. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.479 Hold/Accumulate Unchanged
Predicted Opening Price for Hannan Metals Ltd. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.315 ( 0.98%) | $0.318 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HANNF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.331 | 4.04 % | |
| R2 | 0.325 | 2.12 % | ||
| R1 | 0.321 | 0.94 % | ||
| Current price: | 0.318 | |||
| Support | S1 | 0.309 | -2.90 % | |
| S2 | 0.305 | -4.09 % | ||
| S3 | 0.299 | -6.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.330 | 3.64 % | |
| R2 | 0.325 | 2.17 % | ||
| R1 | 0.321 | 0.82 % | ||
| Current price | 0.318 | |||
| Support | S1 | 0.314 | -1.29% | |
| S2 | 0.268 | -15.80% | ||
| S3 | 0.260 | -18.34% |
FAQ
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