Metallis Resources Inc. Stock Forecast
Volatile ride for Metallis Resources Inc. stock price on Thursday moving between $0.0800 and $0.0955
(Updated on May 16, 2024)
The Metallis Resources Inc. stock price gained 1.51% on the last trading day (Thursday, 16th May 2024), rising from $0.0930 to $0.0944. During the last trading day the stock fluctuated 19.38% from a day low at $0.0800 to a day high of $0.0955. The price has risen in 8 of the last 10 days and is up by 58.12% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 thousand more shares were traded than the day before. In total, 29 thousand shares were bought and sold for approximately $2.76 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 55.82% during the next 3 months and, with a 90% probability hold a price between $0.103 and $0.170 at the end of this 3-month period.
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MTLFF Signals & Forecast
The Metallis Resources Inc. 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 $0.0927 and $0.0706. 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). Metallis Resources Inc. 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. 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 Tuesday, May 14, 2024, and so far it has fallen -12.19%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Metallis Resources Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0880 and $0.0829. 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, Metallis Resources Inc. finds support just below today's level at $0.0880. If this is broken, then the next support from accumulated volume will be at $0.0829 and $0.0734.
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 $0.0155 between high and low, or 19.38%. For the last week, the stock has had daily average volatility of 13.14%.
Our recommended stop-loss: $0.0891 (-5.60%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (MTLFF) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Metallis Resources Inc. to open at $0.0900, and during the day (based on 14 day Average True Range), to move between $0.0874 and $0.101, which gives a possible trading interval of +/-$0.0070 (+/-7.39%) up or down from last closing price. If Metallis Resources Inc. takes out the full calculated possible swing range there will be an estimated 14.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0951 (0.74%) than the support at $0.0880 (6.78%), 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 Metallis Resources Inc. 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 Metallis Resources Inc. stock to perform well in the short-term.
Current score: 3.488 Buy Candidate Unchanged
Predicted Opening Price for Metallis Resources Inc. of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
$0.0900 ( 4.70%) | $0.0944 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTLFF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.105 | 11.72 % | |
R2 | 0.0995 | 5.45 % | ||
R1 | 0.0959 | 1.58 % | ||
Current price: | 0.0944 | |||
Support | S1 | 0.0840 | -10.97 % | |
S2 | 0.0804 | -14.84 % | ||
S3 | 0.0745 | -21.12 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0.108 | 13.88 % | ||
R1 | 0.0951 | 0.742 % | ||
Current price | 0.0944 | |||
Support | S1 | 0.0880 | -6.78% | |
S2 | 0.0829 | -12.18% | ||
S3 | 0.0734 | -22.30% |
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