Novonix Stock Forecast

Novonix stock price down 3.47% on Friday
(Updated on Apr 26, 2024)

NVX.AX Signals & Forecast

There are few to no technical positive signals at the moment. The Novonix 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 $0.88 and $0.95. 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 -28.02%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Novonix stock

Novonix finds support from accumulated volume at $0.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.0450 between high and low, or 5.45%. For the last week, the stock has had daily average volatility of 5.93%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (NVX.AX) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Novonix Limited to open at $0.84, and during the day (based on 14 day Average True Range), to move between $0.772 and $0.90, which gives a possible trading interval of +/-$0.0629 (+/-7.53%) up or down from last closing price. If Novonix Limited takes out the full calculated possible swing range there will be an estimated 15.07% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.84 (0.60%) than the support at $0.80 (4.19%), 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?

The Novonix stock holds several negative signals and despite the positive trend, we believe Novonix will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -3.411 Sell Candidate Unchanged

Predicted Opening Price for Novonix Limited of Monday, April 29, 2024

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