Metals X Limited Stock Forecast

Metals X Limited stock price up 1.14% on Thursday
(Updated on May 02, 2024)

MLX.AX Signals & Forecast

The Metals X Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.454. On a fall, the stock will find some support from the long-term average at approximately $0.409. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. 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 Monday, April 22, 2024, and so far it has fallen -11.88%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Wednesday, September 13, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Metals X Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.370 and $0.365. 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, Metals X Limited finds support just below today's level at $0.370. If this is broken, then the next support from accumulated volume will be at $0.365 and $0.335.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0200 between high and low, or 4.65%. For the last week, the stock has had daily average volatility of 3.52%.

Our recommended stop-loss: $0.418 (-6.10%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 7 days ago.)

Trading Expectations (MLX.AX) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Metals X Limited to open at $0.442, and during the day (based on 14 day Average True Range), to move between $0.423 and $0.467, which gives a possible trading interval of +/-$0.0221 (+/-4.96%) up or down from last closing price. If Metals X Limited takes out the full calculated possible swing range there will be an estimated 9.92% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.450 (1.12%) than the support at $0.370 (16.85%), 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 Metals X Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Metals X Limited stock to perform well in the short-term.

Current score: 2.866 Buy Candidate Unchanged

Predicted Opening Price for Metals X Limited of Friday, May 3, 2024

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