Novonix Limited 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
Novonix Limited stock downgraded to Strong Sell Candidate
(Updated on Jun 14, 2024)
The Novonix Limited stock price fell by -2.07% on the last day (Friday, 14th Jun 2024) from $0.440 to $0.431. During the last trading day the stock fluctuated 2.60% from a day low at $0.420 to a day high of $0.431. The price has fallen in 5 of the last 10 days and is down by -8.32% for this period. Volume has increased on the last day by 40 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, 53 thousand shares were bought and sold for approximately $23.04 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.389 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -21.23% during the next 3 months and, with a 90% probability hold a price between $0.306 and $0.516 at the end of this 3-month period.
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NVNXF Signals & Forecast
There are few to no technical positive signals at the moment. The Novonix Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.452 and $0.519. 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 11, 2024, and so far it has fallen -44.86%. 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). Novonix Limited 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 Novonix Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.0109 between high and low, or 2.60%. For the last week, the stock has had daily average volatility of 2.18%.
Novonix Limited is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NVNXF) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect Novonix Limited to open at $0.427, and during the day (based on 14 day Average True Range), to move between $0.394 and $0.468, which gives a possible trading interval of +/-$0.0367 (+/-8.52%) up or down from last closing price. If Novonix Limited takes out the full calculated possible swing range there will be an estimated 17.04% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.450, some $0.0191 (4.43%) from the current price of $0.431, our system finds the risk reward not very attractive.
Is Novonix Limited stock A Buy?
Novonix Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.770 Strong Sell Candidate Downgraded
Predicted Opening Price for Novonix Limited of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| $0.427 ( 0.84%) | $0.431 |
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 | |
|---|---|---|
| R3 | 0.438 | 1.69% |
| R2 | 0.434 | 0.720% |
| R1 | 0.431 | 0.123% |
| Price | 0.431 | |
| S1 | 0.423 | -1.81% |
| S2 | 0.421 | -2.41% |
| S3 | 0.416 | -3.37% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.503 | 16.62% |
| R2 | 0.470 | 9.07% |
| R1 | 0.450 | 4.43% |
| Price | 0.431 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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