Loncor Resources Inc. Stock Forecast
Loncor Resources Inc. stock price ended at $0.370 on Friday, after gaining 2.78%.
(Updated on Jun 21, 2024)
The Loncor Resources Inc. stock price gained 2.78% on the last trading day (Friday, 21st Jun 2024), rising from $0.360 to $0.370. During the last trading day the stock fluctuated 5.71% from a day low at $0.350 to a day high of $0.370. The price has fallen in 6 of the last 10 days and is down by -12.94% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 thousand more shares were traded than the day before. In total, 29 thousand shares were bought and sold for approximately $10.73 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.354 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.12% during the next 3 months and, with a 90% probability hold a price between $0.408 and $0.589 at the end of this 3-month period.
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LN.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 5.71%. Further rise is indicated until a new top pivot has been found. Loncor Resources Inc. 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Loncor Resources Inc. 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 $0.412. On a fall, the stock will find some support from the short-term average at $0.367. 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 Loncor Resources Inc. stock
Loncor Resources Inc. finds support from accumulated volume at $0.360 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 $0.0200 between high and low, or 5.71%. For the last week, the stock has had daily average volatility of 5.48%.
Loncor Resources Inc. is oversold on RSI14 (24). Some stocks 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 (LN.TO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Loncor Resources Inc. to open at $0.363, and during the day (based on 14 day Average True Range), to move between $0.350 and $0.390, which gives a possible trading interval of +/-$0.0198 (+/-5.34%) up or down from last closing price. If Loncor Resources Inc. takes out the full calculated possible swing range there will be an estimated 10.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.375 (1.35%) than the support at $0.360 (2.70%), 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 Loncor Resources Inc. stock A Buy?
Loncor Resources Inc. 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: -1.967 Sell Candidate Unchanged
Predicted Opening Price for Loncor Resources Inc. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $0.363 ( 1.80%) | $0.370 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LN.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.383 | 3.60% |
| R2 | 0.376 | 1.54% |
| R1 | 0.371 | 0.263% |
| Price | 0.370 | |
| S1 | 0.356 | -3.87% |
| S2 | 0.351 | -5.14% |
| S3 | 0.343 | -7.21% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.390 | 5.41% |
| R2 | 0.380 | 2.70% |
| R1 | 0.375 | 1.35% |
| Price | 0.370 | |
| S1 | 0.360 | -2.70% |
| S2 | 0.355 | -4.05% |
| S3 | 0.350 | -5.41% |
FAQ
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