Labrador Iron Mines Holdings Ltd Stock Forecast
Weaker technical forecast for Labrador Iron Mines Holdings Ltd as stock downgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The Labrador Iron Mines Holdings Ltd stock price fell by -3.89% on the last day (Friday, 10th May 2024) from $0.0489 to $0.0470. During the last trading day the stock fluctuated 0.213% from a day low at $0.0469 to a day high of $0.0470. The price has fallen in 6 of the last 10 days but is still up by 8.05% over the past 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 -10 thousand shares and in total, 2 thousand shares were bought and sold for approximately $75.20 .
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0488 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -7.24% during the next 3 months and, with a 90% probability hold a price between $0.0297 and $0.0452 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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LBRMF Signals & Forecast
The Labrador Iron Mines Holdings 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 $0.0476. On a fall, the stock will find some support from the long-term average at approximately $0.0456. 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. 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 Monday, May 06, 2024, and so far it has fallen -4.08%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Labrador Iron Mines Holdings Ltd stock
Labrador Iron Mines Holdings Ltd finds support from accumulated volume at $0.0460 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0001 between high and low, or 0.213%. For the last week the stock has had daily average volatility of 17.94%.
Our recommended stop-loss: $0.0445 (-5.25%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (LBRMF) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Labrador Iron Mines Holdings Ltd to open at $0.0470, and during the day (based on 14 day Average True Range), to move between $0.0408 and $0.0532, which gives a possible trading interval of +/-$0.0062 (+/-13.15%) up or down from last closing price. If Labrador Iron Mines Holdings Ltd takes out the full calculated possible swing range there will be an estimated 26.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0460 (2.13%) than the resistance at $0.0489 (4.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Labrador Iron Mines Holdings Ltd stock A Buy?
Labrador Iron Mines Holdings 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.176 Hold/Accumulate Downgraded
Predicted Opening Price for Labrador Iron Mines Holdings Ltd of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $0.0470 ( 0.0709%) | $0.0470 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LBRMF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0471 | 0.142 % | |
| R2 | 0.0470 | 0.0606 % | ||
| R1 | 0.0470 | 0.0104 % | ||
| Current price: | 0.0470 | |||
| Support | S1 | 0.0469 | -0.152 % | |
| S2 | 0.0469 | -0.202 % | ||
| S3 | 0.0469 | -0.284 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0510 | 8.51 % | |
| R2 | 0.0500 | 6.38 % | ||
| R1 | 0.0489 | 4.04 % | ||
| Current price | 0.0470 | |||
| Support | S1 | 0.0460 | -2.13% | |
| S2 | 0.0450 | -4.26% | ||
| S3 | 0.0400 | -14.89% |
FAQ
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