MEGA URANIUM LTD Stock Forecast
MEGA URANIUM LTD stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 02, 2024)
The MEGA URANIUM LTD stock price gained 1.04% on the last trading day (Thursday, 2nd May 2024), rising from $0.297 to $0.300. During the last trading day the stock fluctuated 3.78% from a day low at $0.299 to a day high of $0.310. The price has risen in 8 of the last 10 days and is up by 12.87% over the past 2 weeks. Volume fell on the last day by -113 thousand shares and in total, 61 thousand shares were bought and sold for approximately $18.25 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 the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.300 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -15.92% during the next 3 months and, with a 90% probability hold a price between $0.194 and $0.253 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 $0.286 and $0.282. 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). 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 Wednesday, April 03, 2024, and so far it has fallen -6.25%. Further fall is indicated until a new bottom pivot has been found. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0113 between high and low, or 3.78%. For the last week the stock has had daily average volatility of 5.79%.
Our recommended stop-loss: $0.290 (-3.29%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (MGAFF) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect MEGA URANIUM LTD to open at $0.303, and during the day (based on 14 day Average True Range), to move between $0.284 and $0.316, which gives a possible trading interval of +/-$0.0160 (+/-5.33%) up or down from last closing price. If MEGA URANIUM LTD takes out the full calculated possible swing range there will be an estimated 10.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.301 (0.27%) than the support at $0.288 (4.03%), 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?
MEGA URANIUM LTD 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: 0.017 Hold/Accumulate Downgraded
Predicted Opening Price for MEGA URANIUM LTD of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.303 ( 0.97%) | $0.300 |
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 | 4.73 % | |
| R2 | 0.310 | 3.29 % | ||
| R1 | 0.307 | 2.41 % | ||
| Current price: | 0.300 | |||
| Support | S1 | 0.299 | -0.472 % | |
| S2 | 0.296 | -1.36 % | ||
| S3 | 0.292 | -2.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.328 | 9.42 % | |
| R2 | 0.320 | 6.67 % | ||
| R1 | 0.301 | 0.267 % | ||
| Current price | 0.300 | |||
| Support | S1 | 0.288 | -4.03% | |
| S2 | 0.286 | -4.83% | ||
| S3 | 0.263 | -12.33% |
FAQ
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