Iluka Resources Limited Stock Forecast
Weaker technical forecast for Iluka Resources Limited as stock downgraded to Buy Candidate.
(Updated on May 20, 2024)
The Iluka Resources Limited stock price fell by -0.506% on the last day (Monday, 20th May 2024) from $7.90 to $7.86. During the last trading day the stock fluctuated 3.06% from a day low at $7.85 to a day high of $8.09. The price has been going up and down for this period, and there has been a 3.56% gain for the last 2 weeks. 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 -1 million shares and in total, 2 million shares were bought and sold for approximately $12.57 million.
The stock lies in the middle of a strong 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 12.15% during the next 3 months and, with a 90% probability hold a price between $8.38 and $9.19 at the end of this 3-month period.
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ILU.AX Signals & Forecast
The Iluka Resources Limited 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 $7.74 and $7.49. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wednesday, May 08, 2024, and so far it has fallen -2.72%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Iluka Resources Limited stock
Iluka Resources Limited finds support from accumulated volume at $7.63 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.240 between high and low, or 3.06%. For the last week, the stock has had daily average volatility of 3.28%.
Our recommended stop-loss: $7.44 (-5.37%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 47 days ago.)
Trading Expectations (ILU.AX) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Iluka Resources Limited to open at $7.93, and during the day (based on 14 day Average True Range), to move between $7.59 and $8.13, which gives a possible trading interval of +/-$0.269 (+/-3.43%) up or down from last closing price. If Iluka Resources Limited takes out the full calculated possible swing range there will be an estimated 6.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.90 (0.51%) than the support at $7.63 (2.93%), 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 Iluka Resources Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Iluka Resources Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.112 Buy Candidate Downgraded
Predicted Opening Price for Iluka Resources Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $7.93 ( 0.93%) | $7.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ILU.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.17 | 3.99 % | |
| R2 | 8.08 | 2.82 % | ||
| R1 | 8.03 | 2.10 % | ||
| Current price: | 7.86 | |||
| Support | S1 | 7.84 | -0.233 % | |
| S2 | 7.79 | -0.95 % | ||
| S3 | 7.69 | -2.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.08 | 2.80 % | |
| R2 | 7.99 | 1.65 % | ||
| R1 | 7.90 | 0.509 % | ||
| Current price | 7.86 | |||
| Support | S1 | 7.63 | -2.93% | |
| S2 | 7.38 | -6.11% | ||
| S3 | 7.21 | -8.27% |
ILU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 05, 2024 | Mar 05, 2024 | Mar 28, 2024 | $0.0400 | 0.555% |
| 2 | Mar 06, 2023 | Mar 06, 2023 | Mar 06, 2023 | $0.200 | 1.89% |
| 3 | Sep 05, 2022 | Sep 05, 2022 | Sep 05, 2022 | $0.250 | 2.54% |
| 4 | Mar 08, 2022 | Mar 08, 2022 | Mar 08, 2022 | $0.120 | 1.17% |
| 5 | Sep 07, 2021 | Sep 07, 2021 | Sep 07, 2021 | $0.120 | 1.20% |
FAQ
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