Hut 8 Mining Corp. Stock Forecast
Hut 8 Mining Corp. stock price ended at $8.27 on Friday, after gaining 1.35%.
(Updated on May 03, 2024)
The Hut 8 Mining Corp. stock price gained 1.35% on the last trading day (Friday, 3rd May 2024), rising from $8.16 to $8.27. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.86% from a day low at $8.23 to a day high of $8.63. The price has been going up and down for this period, and there has been a 2.73% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 35 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $13.28 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.16% during the next 3 months and, with a 90% probability hold a price between $7.45 and $11.38 at the end of this 3-month period.
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HUT Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Hut 8 Mining Corp. 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 $8.33 and $8.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -14.12%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Hut 8 Mining Corp. stock
Hut 8 Mining Corp. finds support from accumulated volume at $8.05 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 $0.400 between high and low, or 4.86%. For the last week, the stock has had daily average volatility of 5.93%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HUT) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Hut 8 Mining Corp. to open at $8.38, and during the day (based on 14 day Average True Range), to move between $7.58 and $8.96, which gives a possible trading interval of +/-$0.687 (+/-8.30%) up or down from last closing price. If Hut 8 Mining Corp. takes out the full calculated possible swing range there will be an estimated 16.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.05 (2.66%) than the resistance at $8.73 (5.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hut 8 Mining Corp. stock A Buy?
The Hut 8 Mining Corp. stock holds several negative signals and despite the positive trend, we believe Hut 8 Mining Corp. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.673 Sell Candidate Unchanged
Predicted Opening Price for Hut 8 Mining Corp. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $8.38 ( 1.29%) | $8.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HUT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.78 | 6.13 % | |
| R2 | 8.62 | 4.28 % | ||
| R1 | 8.53 | 3.14 % | ||
| Current price: | 8.27 | |||
| Support | S1 | 8.22 | -0.558 % | |
| S2 | 8.13 | -1.70 % | ||
| S3 | 7.98 | -3.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.97 | 20.56 % | |
| R2 | 9.22 | 11.49 % | ||
| R1 | 8.73 | 5.56 % | ||
| Current price | 8.27 | |||
| Support | S1 | 8.05 | -2.66% | |
| S2 | 7.47 | -9.73% | ||
| S3 | 7.24 | -12.45% |
FAQ
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