Nova Minerals Limited Stock Forecast
Green day on Thursday for Nova Minerals Limited
(Updated on Apr 18, 2024)
The Nova Minerals Limited stock price gained 3.33% on the last trading day (Thursday, 18th Apr 2024), rising from $0.300 to $0.310. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.33% from a day low at $0.300 to a day high of $0.310. The price has risen in 7 of the last 10 days and is up by 24% 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, 54 thousand more shares were traded than the day before. In total, 89 thousand shares were bought and sold for approximately $27.69 thousand.
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 $0.313 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 -15.20% during the next 3 months and, with a 90% probability hold a price between $0.186 and $0.266 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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NVA.AX Signals & Forecast
The Nova Minerals Limited 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 $0.285 and $0.271. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, February 29, 2024, and so far it has risen 24.00%. 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). Nova Minerals Limited 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.
Support, Risk & Stop-loss for Nova Minerals Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.280 and $0.275. 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, Nova Minerals Limited finds support just below today's level at $0.280. If this is broken, then the next support from accumulated volume will be at $0.275 and $0.250.
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 $0.0100 between high and low, or 3.33%. For the last week, the stock has had daily average volatility of 5.98%.
The Nova Minerals Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs. Since the Nova Minerals Limited has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $0.300 (-3.24%) (This stock has high daily movements and this gives high risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 33 days ago.)
Trading Expectations (NVA.AX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Nova Minerals Limited to open at $0.307, and during the day (based on 14 day Average True Range), to move between $0.296 and $0.324, which gives a possible trading interval of +/-$0.0138 (+/-4.47%) up or down from last closing price. If Nova Minerals Limited takes out the full calculated possible swing range there will be an estimated 8.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.330 (6.45%) than the support at $0.280 (9.68%), 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 Nova Minerals Limited stock A Buy?
Nova Minerals Limited 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.
Current score: 0.000 Hold/Accumulate Unchanged
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 Nova Minerals Limited of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $0.307 ( 1.08%) | $0.310 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVA.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.317 | 2.15 % | |
| R2 | 0.313 | 0.92 % | ||
| R1 | 0.310 | 0.157 % | ||
| Current price: | 0.310 | |||
| Support | S1 | 0.303 | -2.31 % | |
| S2 | 0.300 | -3.07 % | ||
| S3 | 0.297 | -4.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.365 | 17.74 % | |
| R2 | 0.350 | 12.90 % | ||
| R1 | 0.330 | 6.45 % | ||
| Current price | 0.310 | |||
| Support | S1 | 0.280 | -9.68% | |
| S2 | 0.275 | -11.29% | ||
| S3 | 0.250 | -19.35% |
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