Melbana Energy Limited Stock Forecast
On Friday, Melbana Energy Limited stock price gained an impressive 6.06%
(Updated on Jun 28, 2024)
The Melbana Energy Limited stock price gained 6.06% on the last trading day (Friday, 28th Jun 2024), rising from $0.0330 to $0.0350. During the last trading day the stock fluctuated 9.09% from a day low at $0.0330 to a day high of $0.0360. The price has fallen in 6 of the last 10 days and is down by -49.28% for this period. Volume fell on the last day by -84 million shares and in total, 17 million shares were bought and sold for approximately $592.20 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock 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 $0.0329 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -10.54% during the next 3 months and, with a 90% probability hold a price between $0.0294 and $0.0544 at the end of this 3-month period.
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MAY.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 27, 2024, and so far it has risen 6.06%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Melbana Energy Limited stock 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 $0.0430 and $0.0545. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Melbana Energy Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0330. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0030 between high and low, or 9.09%. For the last week the stock has had daily average volatility of 30.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MAY.AX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Melbana Energy Limited to open at $0.0347, and during the day (based on 14 day Average True Range), to move between $0.0275 and $0.0425, which gives a possible trading interval of +/-$0.0075 (+/-21.37%) up or down from last closing price. If Melbana Energy Limited takes out the full calculated possible swing range there will be an estimated 42.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0330 (5.71%) than the resistance at $0.0400 (14.29%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Melbana Energy Limited stock A Buy?
Melbana Energy Limited 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 stock.
Current score: -6.606 Strong Sell Candidate Unchanged
Predicted Opening Price for Melbana Energy Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0347 ( 0.95%) | $0.0350 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAY.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0377 | 7.62% |
| R2 | 0.0365 | 4.34% |
| R1 | 0.0358 | 2.32% |
| Price | 0.0350 | |
| S1 | 0.0335 | -4.23% |
| S2 | 0.0328 | -6.25% |
| S3 | 0.0317 | -9.52% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0430 | 22.86% |
| R2 | 0.0410 | 17.14% |
| R1 | 0.0400 | 14.29% |
| Price | 0.0350 | |
| S1 | 0.0330 | -5.71% |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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