Magna Mining Inc. Stock Forecast

Magna Mining Inc. stock price up more than 6.25% on Friday
(Updated on May 17, 2024)

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 $0.84 and $0.756. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -6.59%. 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).

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 $0.770 and $0.700. 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 $0.770. If this is broken, then the next support from accumulated volume will be at $0.700 and $0.650.

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 $0.0400 between high and low, or 4.88%. For the last week, the stock has had daily average volatility of 4.90%.

Our recommended stop-loss: $0.80 (-5.48%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (NICU.V) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Magna Mining Inc. to open at $0.84, and during the day (based on 14 day Average True Range), to move between $0.796 and $0.90, which gives a possible trading interval of +/-$0.0539 (+/-6.35%) up or down from last closing price. If Magna Mining Inc. takes out the full calculated possible swing range there will be an estimated 12.69% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.87 (2.35%) than the support at $0.770 (9.41%), 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 Magna Mining Inc. stock A Buy?

Magna Mining Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Magna Mining Inc. of Tuesday, May 21, 2024

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