Legend Mining Limited Stock Forecast
Legend Mining Limited stock price took a fall of -6.67% on Friday
(Updated on May 31, 2024)
The Legend Mining Limited stock price fell by -6.67% on the last day (Friday, 31st May 2024) from $0.0150 to $0.0140. During the last trading day the stock fluctuated 7.14% from a day low at $0.0140 to a day high of $0.0150. The price has fallen in 5 of the last 10 days and is down by -17.65% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $32.18 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Legend Mining Limited stock with a 90% probability to be traded between $0.0131 and $0.0171 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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LEG.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Legend Mining Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.0149 and $0.0145. 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). Legend Mining Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Friday, May 17, 2024 with a target of $0.0143. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for Legend Mining Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0130. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
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 $0.0010 between high and low, or 7.14%. For the last week, the stock has had daily average volatility of 2.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LEG.AX) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Legend Mining Limited to open at $0.0143, and during the day (based on 14 day Average True Range), to move between $0.0130 and $0.0150, which gives a possible trading interval of +/-$0.0010 (+/-7.13%) up or down from last closing price. If Legend Mining Limited takes out the full calculated possible swing range there will be an estimated 14.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0150 (7.14%) than the support at $0.0130 (7.14%), 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 Legend Mining Limited stock A Buy?
Legend Mining Limited 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. 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 Sell candidate.
Current score: -1.980 Sell Candidate Downgraded
Predicted Opening Price for Legend Mining Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.0143 ( 2.38%) | $0.0140 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LEG.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0153 | 9.52 % | |
| R2 | 0.0150 | 6.80 % | ||
| R1 | 0.0147 | 5.11 % | ||
| Current price: | 0.0140 | |||
| Support | S1 | 0.0140 | -0.348 % | |
| S2 | 0.0137 | -2.03 % | ||
| S3 | 0.0133 | -4.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0170 | 21.43 % | |
| R2 | 0.0160 | 14.29 % | ||
| R1 | 0.0150 | 7.14 % | ||
| Current price | 0.0140 | |||
| Support | S1 | 0.0130 | -7.14% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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