Latrobe Magnesium Ltd Stock Forecast
High volatility in Latrobe Magnesium Ltd stock price on Tuesday which ended trading at A$0.0460
(Updated on Jun 25, 2024)
The Latrobe Magnesium Ltd stock price gained 6.98% on the last trading day (Tuesday, 25th Jun 2024), rising from A$0.0430 to A$0.0460. During the last trading day the stock fluctuated 17.07% from a day low at A$0.0410 to a day high of A$0.0480. The price has been going up and down for this period, and there has been a 2.22% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately A$193.52 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -9.21% during the next 3 months and, with a 90% probability hold a price between A$0.0370 and A$0.0549 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
LMG.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 12.20%. Further rise is indicated until a new top pivot has been found. Latrobe Magnesium Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Latrobe Magnesium Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at A$0.0500. On a fall, the stock will find some support from the short-term average at A$0.0429. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Latrobe Magnesium Ltd stock
Latrobe Magnesium Ltd finds support from accumulated volume at A$0.0450 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 A$0.0070 between high and low, or 17.07%. For the last week, the stock has had daily average volatility of 9.12%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LMG.AX) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Latrobe Magnesium Ltd to open at A$0.0450, and during the day (based on 14 day Average True Range), to move between A$0.0430 and A$0.0490, which gives a possible trading interval of +/-A$0.0030 (+/-6.44%) up or down from last closing price. If Latrobe Magnesium Ltd takes out the full calculated possible swing range there will be an estimated 12.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at A$0.0450 (2.17%) than the resistance at A$0.0477 (3.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Latrobe Magnesium Ltd stock A Buy?
Latrobe Magnesium Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.171 Sell Candidate Unchanged
Predicted Opening Price for Latrobe Magnesium Ltd of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
A$0.0450 ( 2.17%) | A$0.0460 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LMG.AX
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0520 | 13.04% |
R2 | 0.0493 | 7.23% |
R1 | 0.0477 | 3.64% |
Price | 0.0460 | |
S1 | 0.0423 | -7.99% |
S2 | 0.0407 | -11.58% |
S3 | 0.0380 | -17.39% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0520 | 13.04% |
R2 | 0.0500 | 8.70% |
R1 | 0.0477 | 3.80% |
Price | 0.0460 | |
S1 | 0.0450 | -2.17% |
S2 | 0.0430 | -6.52% |
S3 | 0.0420 | -8.70% |
FAQ
Click here for our free guide on how to buy Latrobe Magnesium Ltd Stock.