MEGA URANIUM LTD Stock Forecast
MEGA URANIUM LTD stock upgraded to Buy Candidate.
(Updated on May 01, 2024)
The MEGA URANIUM LTD stock price gained 4.19% on the last trading day (Wednesday, 1st May 2024), rising from $0.285 to $0.297. During the last trading day the stock fluctuated 4.68% from a day low at $0.295 to a day high of $0.308. The price has risen in 7 of the last 10 days and is up by 8.95% 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, 105 thousand more shares were traded than the day before. In total, 174 thousand shares were bought and sold for approximately $51.61 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 -17.13% during the next 3 months and, with a 90% probability hold a price between $0.188 and $0.264 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MGAFF Signals & Forecast
The MEGA URANIUM LTD 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 $0.283 and $0.281. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 14, 2024, and so far it has risen 12.89%. Further rise is indicated until a new top pivot has been found. MEGA URANIUM 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. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for MEGA URANIUM LTD stock
MEGA URANIUM LTD finds support from accumulated volume at $0.288 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0138 between high and low, or 4.68%. For the last week, the stock has had daily average volatility of 6.12%.
Our recommended stop-loss: $0.285 (-3.94%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 33 days ago.)
Trading Expectations (MGAFF) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect MEGA URANIUM LTD to open at $0.300, and during the day (based on 14 day Average True Range), to move between $0.281 and $0.313, which gives a possible trading interval of +/-$0.0162 (+/-5.46%) up or down from last closing price. If MEGA URANIUM LTD takes out the full calculated possible swing range there will be an estimated 10.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.300 (1.04%) than the support at $0.288 (3.03%), 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 MEGA URANIUM LTD stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.611 Buy Candidate Upgraded
Predicted Opening Price for MEGA URANIUM LTD of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.300 ( 1.03%) | $0.297 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGAFF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.314 | 5.68 % | |
| R2 | 0.308 | 3.91 % | ||
| R1 | 0.305 | 2.81 % | ||
| Current price: | 0.297 | |||
| Support | S1 | 0.295 | -0.743 % | |
| S2 | 0.291 | -1.84 % | ||
| S3 | 0.286 | -3.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.328 | 10.57 % | |
| R2 | 0.301 | 1.31 % | ||
| R1 | 0.300 | 1.04 % | ||
| Current price | 0.297 | |||
| Support | S1 | 0.288 | -3.03% | |
| S2 | 0.286 | -3.84% | ||
| S3 | 0.263 | -11.42% |
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