Lundin Mining Corp Stock Forecast

Weaker technical forecast for Lundin Mining Corp as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)

LUNMF Signals & Forecast

The Lundin Mining Corp 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 $12.15 and $11.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 16.75%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Lundin Mining Corp 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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Thursday, May 02, 2024 with a target of $12.04. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for Lundin Mining Corp stock

On the downside, the stock finds support just below today's level from accumulated volume at $11.71 and $11.15. 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, Lundin Mining Corp finds support just below today's level at $11.71. If this is broken, then the next support from accumulated volume will be at $11.15 and $10.00.

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 $1.06 between high and low, or 8.89%. For the last week, the stock has had daily average volatility of 5.86%.

Our recommended stop-loss: $12.36 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (LUNMF) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Lundin Mining Corp to open at $12.59, and during the day (based on 14 day Average True Range), to move between $12.32 and $13.37, which gives a possible trading interval of +/-$0.526 (+/-4.09%) up or down from last closing price. If Lundin Mining Corp takes out the full calculated possible swing range there will be an estimated 8.18% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $11.71, some $1.13 (8.81%) from the current price of $12.84, our system finds the risk reward attractive.

Is Lundin Mining Corp stock A Buy?

Lundin Mining Corp holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Lundin Mining Corp of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.