Magna Mining Inc. Stock Forecast
Magna Mining Inc. stock upgraded to Strong Buy Candidate.
(Updated on May 03, 2024)
The Magna Mining Inc. stock price gained 2.35% on the last trading day (Friday, 3rd May 2024), rising from $0.85 to $0.87. During the last trading day the stock fluctuated 8.33% from a day low at $0.84 to a day high of $0.91. The price has risen in 6 of the last 10 days and is up by 17.57% 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, 464 thousand more shares were traded than the day before. In total, 517 thousand shares were bought and sold for approximately $449.70 thousand.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $0.85, a level that may pose a second chance to hit a runner. According to fan-theory $1.02 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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NICU.V Signals & Forecast
The Magna Mining 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 $0.82 and $0.655. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 29.85%. Further rise is indicated until a new top pivot has been found. Magna Mining 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Magna Mining Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.780 and $0.770. 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, Magna Mining Inc. finds support just below today's level at $0.780. If this is broken, then the next support from accumulated volume will be at $0.770 and $0.700.
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 $0.0700 between high and low, or 8.33%. For the last week, the stock has had daily average volatility of 8.26%.
Our recommended stop-loss: $0.84 (-3.56%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (NICU.V) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Magna Mining Inc. to open at $0.87, and during the day (based on 14 day Average True Range), to move between $0.81 and $0.93, which gives a possible trading interval of +/-$0.0594 (+/-6.83%) up or down from last closing price. If Magna Mining Inc. takes out the full calculated possible swing range there will be an estimated 13.65% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.780, some $0.0900 (10.34%) from the current price of $0.87, our system finds the risk reward attractive.
Is Magna Mining Inc. stock A Buy?
Magna Mining Inc. holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.806 Strong Buy Candidate Upgraded
Predicted Opening Price for Magna Mining Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.87 ( 0.383%) | $0.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NICU.V
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.94 | 8.43 % | |
| R2 | 0.92 | 5.36 % | ||
| R1 | 0.90 | 3.46 % | ||
| Current price: | 0.87 | |||
| Support | S1 | 0.85 | -2.69 % | |
| S2 | 0.83 | -4.59 % | ||
| S3 | 0.80 | -7.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.87 | |||
| Support | S1 | 0.780 | -10.34% | |
| S2 | 0.770 | -11.49% | ||
| S3 | 0.700 | -19.54% |
FAQ
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