Snow Lake Resources Ltd. Stock Forecast
A very red day for Snow Lake Resources Ltd. stock price after a -5.40% fall in the Tuesday trading session
(Updated on Jul 02, 2024)
The Snow Lake Resources Ltd. stock price fell by -5.40% on the last day (Tuesday, 2nd Jul 2024) from $0.754 to $0.713. During the last trading day the stock fluctuated 9.86% from a day low at $0.710 to a day high of $0.780. The price has fallen in 7 of the last 10 days and is down by -5.52% for this period. Volume has increased on the last day by 6 thousand 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, 24 thousand shares were bought and sold for approximately $17.46 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.705 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -20.09% during the next 3 months and, with a 90% probability hold a price between $0.563 and $0.738 at the end of this 3-month period.
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LITM Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has risen 0.0982%. 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 Snow Lake Resources 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 $0.733 and $0.81. 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). Snow Lake Resources Ltd. 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.
Support, Risk & Stop-loss for Snow Lake Resources Ltd. stock
Snow Lake Resources Ltd. finds support from accumulated volume at $0.713 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 $0.0700 between high and low, or 9.86%. For the last week, the stock has had daily average volatility of 8.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LITM) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Snow Lake Resources Ltd. to open at $0.734, and during the day (based on 14 day Average True Range), to move between $0.649 and $0.777, which gives a possible trading interval of +/-$0.0639 (+/-8.96%) up or down from last closing price. If Snow Lake Resources Ltd. takes out the full calculated possible swing range there will be an estimated 17.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.713 (0.10%) than the resistance at $0.750 (5.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Snow Lake Resources Ltd. stock A Buy?
Snow Lake Resources 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: -3.956 Sell Candidate Unchanged
Predicted Opening Price for Snow Lake Resources Ltd. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.734 ( 2.96%) | $0.713 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LITM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.80 | 12.78% |
| R2 | 0.778 | 9.03% |
| R1 | 0.761 | 6.71% |
| Price | 0.713 | |
| S1 | 0.708 | -0.786% |
| S2 | 0.691 | -3.10% |
| S3 | 0.664 | -6.85% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.89 | 24.77% |
| R2 | 0.87 | 22.19% |
| R1 | 0.750 | 5.15% |
| Price | 0.713 | |
| S1 | 0.713 | -0.0981% |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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