Sprott Lithium Miners Etf ETF Forecast
Evaluation of Sprott Lithium Miners Etf ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Sprott Lithium Miners Etf ETF price fell by -3.11% on the last day (Friday, 28th Jun 2024) from $8.05 to $7.80. During the last trading day the ETF fluctuated 2.05% from a day low at $7.79 to a day high of $7.95. The price has fallen in 9 of the last 10 days and is down by -11.16% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -811 shares and in total, 10 thousand shares were bought and sold for approximately $74.52 thousand.
The ETF 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 $7.76 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -12.15% during the next 3 months and, with a 90% probability hold a price between $6.82 and $9.24 at the end of this 3-month period.
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LITP Signals & Forecast
There are few to no technical positive signals at the moment. The Sprott Lithium Miners Etf ETF 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 $7.99 and $9.62. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -30.23%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this ETF 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 Sprott Lithium Miners Etf ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
This ETF may move much during the day (volatility) and with periodic low trading volume this ETF is considered to be "high risk". During the last day, the ETF moved $0.160 between high and low, or 2.05%. For the last week the ETF has had daily average volatility of 1.98%.
Sprott Lithium Miners Etf is oversold on RSI14 (16). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LITP) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Sprott Lithium Miners Etf to open at $7.85, and during the day (based on 14 day Average True Range), to move between $7.54 and $8.06, which gives a possible trading interval of +/-$0.260 (+/-3.33%) up or down from last closing price. If Sprott Lithium Miners Etf takes out the full calculated possible swing range there will be an estimated 6.66% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $8.18, some $0.380 (4.87%) from the current price of $7.80, our system finds the risk reward not very attractive.
Is Sprott Lithium Miners Etf ETF A Buy?
Sprott Lithium Miners Etf 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 ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.630 Strong Sell Candidate Downgraded
Predicted Opening Price for Sprott Lithium Miners Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $7.85 ( 0.598%) | $7.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LITP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.01 | 2.65% |
| R2 | 7.95 | 1.87% |
| R1 | 7.91 | 1.38% |
| Price | 7.80 | |
| S1 | 7.79 | -0.185% |
| S2 | 7.75 | -0.669% |
| S3 | 7.69 | -1.45% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.78 | 12.56% |
| R2 | 8.48 | 8.72% |
| R1 | 8.18 | 4.87% |
| Price | 7.80 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
LITP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 13, 2023 | Dec 14, 2023 | Dec 21, 2023 | $0.352 | 2.85% |
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