NexGen Energy Ltd. Stock Forecast
Stronger technical forecast for NexGen Energy Ltd. stock price after Monday trading.
(Updated on May 06, 2024)
The NexGen Energy Ltd. stock price gained 3.71% on the last trading day (Monday, 6th May 2024), rising from $11.33 to $11.75. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.08% from a day low at $11.39 to a day high of $11.86. The price has risen in 8 of the last 10 days and is up by 11.27% over the past 2 weeks. Volume fell on the last day by -262 thousand shares and in total, 2 million shares were bought and sold for approximately $19.91 million. 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 wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.76% during the next 3 months and, with a 90% probability hold a price between $11.69 and $14.03 at the end of this 3-month period.
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NXE.TO Signals & Forecast
Mostly positive signals in the chart today. The NexGen Energy Ltd. 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 $11.13 and $10.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 12.12%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for NexGen Energy Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $10.84 and $10.48. 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, NexGen Energy Ltd. finds support just below today's level at $10.84. If this is broken, then the next support from accumulated volume will be at $10.48 and $10.06.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.465 between high and low, or 4.08%. For the last week, the stock has had daily average volatility of 5.60%.
Our recommended stop-loss: $11.36 (-3.28%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (NXE.TO) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect NexGen Energy Ltd. to open at $11.67, and during the day (based on 14 day Average True Range), to move between $11.23 and $12.27, which gives a possible trading interval of +/-$0.523 (+/-4.45%) up or down from last closing price. If NexGen Energy Ltd. takes out the full calculated possible swing range there will be an estimated 8.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.91 (1.36%) than the support at $10.84 (7.74%), 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.
Earnings coming up
NexGen Energy Ltd. will release earnings BMO on Monday, May 13, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0400. We will update the financials statements for NexGen Energy Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.96% in the first trading day after earnings release.
Is NexGen Energy Ltd. stock A Buy?
NexGen Energy Ltd. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.927 Strong Buy Candidate Upgraded
Predicted Opening Price for NexGen Energy Ltd. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $11.67 ( 0.723%) | $11.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NXE.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.13 | 3.23 % | |
| R2 | 11.95 | 1.72 % | ||
| R1 | 11.84 | 0.788 % | ||
| Current price: | 11.75 | |||
| Support | S1 | 11.49 | -2.24 % | |
| S2 | 11.38 | -3.17 % | ||
| S3 | 11.20 | -4.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 11.91 | 1.36 % | ||
| Current price | 11.75 | |||
| Support | S1 | 10.84 | -7.74% | |
| S2 | 10.48 | -10.81% | ||
| S3 | 10.06 | -14.38% |
FAQ
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