Mkango Resources Ltd. Stock Forecast
Mkango Resources Ltd. stock upgraded from Strong Sell Candidate to Sell Candidate after Wednesday trading session.
(Updated on Jun 19, 2024)
No changes to the price of Mkango Resources Ltd. stock on the last trading day (Wednesday, 19th Jun 2024). During the last trading day the stock fluctuated 0% from a day low at £6.56 to a day high of £6.56. The price has risen in 4 of the last 10 days and is up by 6.2% over the past 2 weeks.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Mkango Resources Ltd. stock with a 90% probability to be traded between £6.20 and £8.03 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MKA.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has fallen 0%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mkango Resources Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £6.96 and £6.87. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Mkango Resources Ltd. stock
Mkango Resources Ltd. finds support from accumulated volume at £6.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved £0 between high and low, or 0%. For the last week the stock has had daily average volatility of 7.44%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MKA.L) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Mkango Resources Ltd. to open at £6.56, and during the day (based on 14 day Average True Range), to move between £5.97 and £7.15, which gives a possible trading interval of +/-£0.593 (+/-9.03%) up or down from last closing price. If Mkango Resources Ltd. takes out the full calculated possible swing range there will be an estimated 18.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £6.50 (0.91%) than the resistance at £7.00 (6.71%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mkango Resources Ltd. stock A Buy?
Mkango Resources Ltd. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.068 Sell Candidate Upgraded
Predicted Opening Price for Mkango Resources Ltd. of Thursday, June 20, 2024
Fair opening price June 20, 2024 | Current price |
---|---|
£6.56 ( 0%) | £6.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MKA.L
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 6.56 | - |
R2 | 6.56 | - |
R1 | 6.56 | - |
Price | 6.56 | |
S1 | 6.56 | - |
S2 | 6.56 | - |
S3 | 6.56 | - |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 7.50 | 14.33% |
R2 | 7.10 | 8.23% |
R1 | 7.00 | 6.71% |
Price | 6.56 | |
S1 | 6.50 | -0.91% |
S2 | 6.10 | -7.01% |
S3 | 6.00 | -8.54% |
FAQ
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