Latin Resources Limited Stock Forecast
Latin Resources Limited stock upgraded to Buy Candidate.
(Updated on Apr 18, 2024)
The Latin Resources Limited stock price gained 2.56% on the last trading day (Thursday, 18th Apr 2024), rising from $0.195 to $0.200. During the last trading day the stock fluctuated 5.13% from a day low at $0.195 to a day high of $0.205. The price has risen in 4 of the last 10 days and is up by 14.29% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $1.00 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.33% during the next 3 months and, with a 90% probability hold a price between $0.176 and $0.270 at the end of this 3-month period.
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LRS.AX Signals & Forecast
The Latin Resources Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.199 and $0.199. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Latin Resources Limited 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. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.76%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Latin Resources Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.175 and $0.170. 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, Latin Resources Limited finds support just below today's level at $0.175. If this is broken, then the next support from accumulated volume will be at $0.170 and $0.160.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0100 between high and low, or 5.13%. For the last week, the stock has had daily average volatility of 5.78%.
Our recommended stop-loss: $0.190 (-5.25%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (LRS.AX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Latin Resources Limited to open at $0.200, and during the day (based on 14 day Average True Range), to move between $0.186 and $0.214, which gives a possible trading interval of +/-$0.0139 (+/-6.94%) up or down from last closing price. If Latin Resources Limited takes out the full calculated possible swing range there will be an estimated 13.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.210 (5.00%) than the support at $0.175 (12.50%), 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 Latin Resources Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Latin Resources Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.159 Buy Candidate Upgraded
Predicted Opening Price for Latin Resources Limited of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $0.200 ( 0.00000000%) | $0.200 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LRS.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.210 | 5.00 % | |
| R2 | 0.206 | 3.09 % | ||
| R1 | 0.204 | 1.91 % | ||
| Current price: | 0.200 | |||
| Support | S1 | 0.196 | -1.91 % | |
| S2 | 0.194 | -3.09 % | ||
| S3 | 0.190 | -5.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.220 | 10.00 % | |
| R2 | 0.215 | 7.50 % | ||
| R1 | 0.210 | 5.00 % | ||
| Current price | 0.200 | |||
| Support | S1 | 0.175 | -12.50% | |
| S2 | 0.170 | -15.00% | ||
| S3 | 0.160 | -20.00% |
FAQ
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