Itech Minerals Ltd Stock Forecast

Green day on Friday for Itech Minerals Ltd stock after gaining 3.70%
(Updated on Jun 28, 2024)

ITM.AX Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 25, 2024, and so far it has risen 7.69%. Further rise is indicated until a new top pivot has been found. Itech Minerals Ltd 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. The Itech Minerals Ltd 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 $0.0569 and $0.0684. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Itech Minerals Ltd stock

Itech Minerals Ltd finds support from accumulated volume at $0.0540 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 $0.0050 between high and low, or 9.62%. For the last week, the stock has had daily average volatility of 8.10%.

Itech Minerals Ltd is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (ITM.AX) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Itech Minerals Ltd to open at $0.0550, and during the day (based on 14 day Average True Range), to move between $0.0531 and $0.0589, which gives a possible trading interval of +/-$0.0029 (+/-5.10%) up or down from last closing price. If Itech Minerals Ltd takes out the full calculated possible swing range there will be an estimated 10.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0540 (3.57%) than the resistance at $0.0630 (12.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Itech Minerals Ltd stock A Buy?

Itech Minerals Ltd holds several negative signals and is within a very 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.

Current score: -4.778 Sell Candidate Unchanged

Predicted Opening Price for Itech Minerals Ltd of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.