Novo Resources Corp Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for Novo Resources Corp as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Novo Resources Corp stock price fell by -3.64% on the last day (Friday, 3rd May 2024) from $0.107 to $0.103. During the last trading day the stock fluctuated 9.26% from a day low at $0.0993 to a day high of $0.109. The price has fallen in 6 of the last 10 days and is down by -7.95% for this period. Volume has increased on the last day by 44 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 57 thousand shares were bought and sold for approximately $5.87 thousand.
The stock lies in the middle of a very wide and weak 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 4.80% during the next 3 months and, with a 90% probability hold a price between $0.0870 and $0.143 at the end of this 3-month period.
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NSRPF Signals & Forecast
There are few to no technical positive signals at the moment. The Novo Resources Corp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.107 and $0.104. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -23.17%. 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). Novo Resources Corp gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Novo Resources Corp stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0900 and $0.0891. 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, Novo Resources Corp finds support just below today's level at $0.0900. If this is broken, then the next support from accumulated volume will be at $0.0891 and $0.0834.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0092 between high and low, or 9.26%. For the last week, the stock has had daily average volatility of 10.16%.
Our recommended stop-loss: $0.0995 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (NSRPF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Novo Resources Corp to open at $0.104, and during the day (based on 14 day Average True Range), to move between $0.0928 and $0.113, which gives a possible trading interval of +/-$0.0103 (+/-9.95%) up or down from last closing price. If Novo Resources Corp takes out the full calculated possible swing range there will be an estimated 19.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.105 (1.84%) than the support at $0.0900 (12.71%), 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.
Earnings coming up
Novo Resources Corp will release earnings BMO on Friday, May 10, 2024. We will update the financials statements for Novo Resources Corp , that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.38% in the first trading day after earnings release.
Is Novo Resources Corp stock A Buy?
Novo Resources Corp holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.654 Hold/Accumulate Downgraded
Predicted Opening Price for Novo Resources Corp of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.104 ( 0.517%) | $0.103 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NSRPF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.113 | 9.44 % | |
| R2 | 0.109 | 6.03 % | ||
| R1 | 0.107 | 3.93 % | ||
| Current price: | 0.103 | |||
| Support | S1 | 0.100 | -2.89 % | |
| S2 | 0.0979 | -5.00 % | ||
| S3 | 0.0944 | -8.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.122 | 18.33 % | |
| R2 | 0.114 | 10.28 % | ||
| R1 | 0.105 | 1.84 % | ||
| Current price | 0.103 | |||
| Support | S1 | 0.0900 | -12.71% | |
| S2 | 0.0891 | -13.58% | ||
| S3 | 0.0834 | -19.10% |
FAQ
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