Micromem Technologies Inc. Stock Forecast
Evaluation of Micromem Technologies Inc. stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
No changes to the price of Micromem Technologies Inc. stock on the last trading day (Friday, 28th Jun 2024). During the last trading day the stock fluctuated 0% from a day low at $0.0250 to a day high of $0.0250. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks.
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 $0.0293 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 -58.58% during the next 3 months and, with a 90% probability hold a price between $0.0015 and $0.0121 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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MRM.CN Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 24, 2024, and so far it has risen 25.00%. 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 Micromem Technologies Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.0253. On a fall, the stock will find some support from the short-term average at $0.0236. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 Micromem Technologies Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0200. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". 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 12.50%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MRM.CN) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect Micromem Technologies Inc. to open at $0.0250, and during the day (based on 14 day Average True Range), to move between $0.0213 and $0.0287, which gives a possible trading interval of +/-$0.0037 (+/-14.67%) up or down from last closing price. If Micromem Technologies Inc. takes out the full calculated possible swing range there will be an estimated 29.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0300 (20.00%) than the support at $0.0200 (20.00%), 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 Micromem Technologies Inc. stock A Buy?
Micromem Technologies Inc. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.385 Sell Candidate Downgraded
Predicted Opening Price for Micromem Technologies Inc. of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| $0.0250 ( 0.00000000%) | $0.0250 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MRM.CN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0250 | 0.00000000% |
| R2 | 0.0250 | 0.00000000% |
| R1 | 0.0250 | 0.00000000% |
| Price | 0.0250 | |
| S1 | 0.0250 | 0.00000000% |
| S2 | 0.0250 | 0.00000000% |
| S3 | 0.0250 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.0300 | 20.00% |
| Price | 0.0250 | |
| S1 | 0.0200 | -20.00% |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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