Micromem Tech Stock Forecast
High volatility in Micromem Tech stock price on Friday which ended trading at $0.0260
(Updated on May 03, 2024)
The Micromem Tech stock price gained 8.11% on the last trading day (Friday, 3rd May 2024), rising from $0.0241 to $0.0260. During the last trading day the stock fluctuated 23.15% from a day low at $0.0216 to a day high of $0.0266. The price has fallen in 6 of the last 10 days and is down by -25.46% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $32.01 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 -58.43% during the next 3 months and, with a 90% probability hold a price between $0.0066 and $0.0165 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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MMTIF Signals & Forecast
There are mixed signals in the stock today. The Micromem Tech 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 $0.0262 and $0.0412. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 39.78%. 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). Micromem Tech 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.
Support, Risk & Stop-loss for Micromem Tech stock
Micromem Tech finds support from accumulated volume at $0.0250 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0050 between high and low, or 23.15%. For the last week, the stock has had daily average volatility of 34.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MMTIF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Micromem Tech to open at $0.0247, and during the day (based on 14 day Average True Range), to move between $0.0196 and $0.0324, which gives a possible trading interval of +/-$0.0064 (+/-24.45%) up or down from last closing price. If Micromem Tech takes out the full calculated possible swing range there will be an estimated 48.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0250 (3.85%) than the resistance at $0.0300 (15.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Micromem Tech stock A Buy?
Micromem Tech 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.
Current score: -4.096 Sell Candidate Unchanged
Predicted Opening Price for Micromem Tech of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.0247 ( 4.87%) | $0.0260 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMTIF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0297 | 14.36 % | |
| R2 | 0.0278 | 7.01 % | ||
| R1 | 0.0266 | 2.47 % | ||
| Current price: | 0.0260 | |||
| Support | S1 | 0.0228 | -12.22 % | |
| S2 | 0.0216 | -16.76 % | ||
| S3 | 0.0197 | -24.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0314 | 20.77 % | |
| R2 | 0.0310 | 19.23 % | ||
| R1 | 0.0300 | 15.38 % | ||
| Current price | 0.0260 | |||
| Support | S1 | 0.0250 | -3.85% | |
| S2 | 0.0241 | -7.50% | ||
| S3 | 0 | . |
FAQ
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