Li-Cycle Holdings Corp. Stock Forecast
Volatile ride for Li-Cycle Holdings Corp. stock price on Monday moving between $4.33 and $5.29
(Updated on Jun 17, 2024)
The Li-Cycle Holdings Corp. stock price gained 9.43% on the last trading day (Monday, 17th Jun 2024), rising from $4.24 to $4.64. It has now gained 4 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 22.12% from a day low at $4.33 to a day high of $5.29. The price has risen in 6 of the last 10 days and is up by 21.47% over the past 2 weeks. Volume fell on the last day by -137 thousand shares and in total, 2 million shares were bought and sold for approximately $8.42 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $4.70 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 -56.83% during the next 3 months and, with a 90% probability hold a price between $0.97 and $2.03 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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LICY Signals & Forecast
The Li-Cycle Holdings Corp. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $3.51 and $4.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 07, 2024, and so far it has risen 63.96%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Li-Cycle Holdings Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.27 and $4.24. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Li-Cycle Holdings Corp. finds support just below today's level at $4.27. If this is broken, then the next support from accumulated volume will be at $4.24 and $4.00.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.96 between high and low, or 22.12%. For the last week, the stock has had daily average volatility of 21.66%.
Our recommended stop-loss: $4.48 (-3.36%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 62 days ago.)
Trading Expectations (LICY) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Li-Cycle Holdings Corp. to open at $4.75, and during the day (based on 14 day Average True Range), to move between $4.02 and $5.26, which gives a possible trading interval of +/-$0.624 (+/-13.44%) up or down from last closing price. If Li-Cycle Holdings Corp. takes out the full calculated possible swing range there will be an estimated 26.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.80 (3.45%) than the support at $4.27 (7.97%), 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 Li-Cycle Holdings Corp. stock A Buy?
Li-Cycle Holdings Corp. 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: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Li-Cycle Holdings Corp. of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $4.75 ( 2.45%) | $4.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LICY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.71 | 23.11% |
| R2 | 5.35 | 15.22% |
| R1 | 5.12 | 10.34% |
| Price | 4.64 | |
| S1 | 4.39 | -5.44% |
| S2 | 4.16 | -10.31% |
| S3 | 3.80 | -18.20% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.60 | 20.69% |
| R2 | 5.34 | 15.09% |
| R1 | 4.80 | 3.45% |
| Price | 4.64 | |
| S1 | 4.27 | -7.97% |
| S2 | 4.24 | -8.62% |
| S3 | 4.00 | -13.79% |
FAQ
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