Novonix Stock Forecast
Novonix stock price ended at $0.84 on Wednesday, after losing 1.18%.
(Updated on May 08, 2024)
The Novonix stock price fell by -1.18% on the last day (Wednesday, 8th May 2024) from $0.85 to $0.84. During the last trading day the stock fluctuated 4.19% from a day low at $0.84 to a day high of $0.87. The price has fallen in 6 of the last 10 days and is down by -2.89% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -363 thousand shares and in total, 1 million shares were bought and sold for approximately $1.12 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.792 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 10.57% during the next 3 months and, with a 90% probability hold a price between $0.88 and $1.32 at the end of this 3-month period.
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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 $0.84 and $0.92. 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 -27.59%. 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 fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Novonix stock
Novonix finds support from accumulated volume at $0.84 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0350 between high and low, or 4.19%. For the last week the stock has had daily average volatility of 4.07%.
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 Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Novonix Limited to open at $0.85, and during the day (based on 14 day Average True Range), to move between $0.786 and $0.89, which gives a possible trading interval of +/-$0.0539 (+/-6.42%) up or down from last closing price. If Novonix Limited takes out the full calculated possible swing range there will be an estimated 12.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.84 (0.60%) than the resistance at $0.85 (1.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: -3.215 Sell Candidate Unchanged
Predicted Opening Price for Novonix Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.85 ( 0.99%) | $0.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVX.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.88 | 5.16 % | |
| R2 | 0.87 | 3.57 % | ||
| R1 | 0.86 | 2.58 % | ||
| Current price: | 0.84 | |||
| Support | S1 | 0.83 | -0.600 % | |
| S2 | 0.83 | -1.58 % | ||
| S3 | 0.81 | -3.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.00 | 19.05 % | |
| R2 | 0.88 | 4.76 % | ||
| R1 | 0.85 | 1.19 % | ||
| Current price | 0.84 | |||
| Support | S1 | 0.84 | -0.595% | |
| S2 | 0.700 | -16.67% | ||
| S3 | 0.685 | -18.45% |
FAQ
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