Laramide Resources Ltd. Stock Forecast
Green day on Monday for Laramide Resources Ltd. stock after gaining 2.70%
(Updated on May 06, 2024)
The Laramide Resources Ltd. stock price gained 2.70% on the last trading day (Monday, 6th May 2024), rising from $0.740 to $0.760. 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 6.85% from a day low at $0.730 to a day high of $0.780. The price has risen in 5 of the last 10 days and is up by 10.14% 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, 69 thousand more shares were traded than the day before. In total, 120 thousand shares were bought and sold for approximately $91.30 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.743, a level that may pose a second chance to hit a runner. According to fan-theory $0.92 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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LAM.TO Signals & Forecast
The Laramide Resources Ltd. 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 $0.724 and $0.719. A breakdown below any of these levels will issue sell signals. Laramide Resources 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. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -3.80%. 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).
Support, Risk & Stop-loss for Laramide Resources Ltd. stock
Laramide Resources Ltd. finds support from accumulated volume at $0.750 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 $0.0500 between high and low, or 6.85%. For the last week, the stock has had daily average volatility of 6.56%.
Our recommended stop-loss: $0.730 (-3.99%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (LAM.TO) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Laramide Resources Ltd. to open at $0.757, and during the day (based on 14 day Average True Range), to move between $0.714 and $0.81, which gives a possible trading interval of +/-$0.0455 (+/-5.99%) up or down from last closing price. If Laramide Resources Ltd. takes out the full calculated possible swing range there will be an estimated 11.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.750 (1.32%) than the resistance at $0.790 (3.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Laramide Resources Ltd. will release earnings BMO on Wednesday, May 08, 2024. We will update the financials statements for Laramide Resources Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.62% in the first trading day after earnings release.
Is Laramide Resources Ltd. stock A Buy?
Laramide Resources Ltd. 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.
Current score: 0.696 Hold/Accumulate Unchanged
Predicted Opening Price for Laramide Resources Ltd. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $0.757 ( 0.439%) | $0.760 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LAM.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.81 | 6.14 % | |
| R2 | 0.788 | 3.63 % | ||
| R1 | 0.776 | 2.07 % | ||
| Current price: | 0.760 | |||
| Support | S1 | 0.738 | -2.95 % | |
| S2 | 0.726 | -4.50 % | ||
| S3 | 0.707 | -7.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.85 | 11.84 % | |
| R2 | 0.80 | 5.26 % | ||
| R1 | 0.790 | 3.95 % | ||
| Current price | 0.760 | |||
| Support | S1 | 0.750 | -1.32% | |
| S2 | 0.700 | -7.89% | ||
| S3 | 0.640 | -15.79% |
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