Novonix Limited Stock Forecast
Volatile ride for Novonix Limited stock price on Friday moving between $0.546 and $0.609
(Updated on May 17, 2024)
The Novonix Limited stock price gained 9.16% on the last trading day (Friday, 17th May 2024), rising from $0.558 to $0.609. During the last trading day the stock fluctuated 11.58% from a day low at $0.546 to a day high of $0.609. The price has been going up and down for this period, and there has been a 14.91% gain for the last 2 weeks. Volume fell on the last day by -8 thousand shares and in total, 39 thousand shares were bought and sold for approximately $23.68 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.69% during the next 3 months and, with a 90% probability hold a price between $0.481 and $0.730 at the end of this 3-month period.
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NVNXF Signals & Forecast
The Novonix Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.560 and $0.595. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 06, 2024, and so far it has risen 19.41%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Novonix Limited stock
Novonix Limited finds support from accumulated volume at $0.600 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0632 between high and low, or 11.58%. For the last week the stock has had daily average volatility of 7.49%.
Our recommended stop-loss: $0.588 (-3.48%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (NVNXF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Novonix Limited to open at $0.588, and during the day (based on 14 day Average True Range), to move between $0.557 and $0.661, which gives a possible trading interval of +/-$0.0517 (+/-8.50%) up or down from last closing price. If Novonix Limited takes out the full calculated possible swing range there will be an estimated 16.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.615 (0.99%) than the support at $0.600 (1.48%), 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 Novonix Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.551 Buy Candidate Upgraded
Predicted Opening Price for Novonix Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.588 ( 3.46%) | $0.609 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVNXF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.651 | 6.92 % | |
| R2 | 0.627 | 2.95 % | ||
| R1 | 0.612 | 0.505 % | ||
| Current price: | 0.609 | |||
| Support | S1 | 0.564 | -7.42 % | |
| S2 | 0.549 | -9.87 % | ||
| S3 | 0.525 | -13.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.660 | 8.37 % | |
| R2 | 0.630 | 3.45 % | ||
| R1 | 0.615 | 0.99 % | ||
| Current price | 0.609 | |||
| Support | S1 | 0.600 | -1.48% | |
| S2 | 0.570 | -6.40% | ||
| S3 | 0.550 | -9.69% |
FAQ
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