Nexus Minerals Ltd Stock Forecast

Red day on Wednesday for Nexus Minerals Ltd
(Updated on Jun 26, 2024)

NXM.AX Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nexus Minerals Ltd 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 A$0.0394 and A$0.0511. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -52.44%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Nexus Minerals Ltd stock

Nexus Minerals Ltd finds support from accumulated volume at A$0.0380 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 A$0.0010 between high and low, or 2.63%. For the last week, the stock has had daily average volatility of 3.12%.

Nexus Minerals Ltd is oversold on RSI14 (24). 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 (NXM.AX) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Nexus Minerals Ltd to open at A$0.0387, and during the day (based on 14 day Average True Range), to move between A$0.0363 and A$0.0417, which gives a possible trading interval of +/-A$0.0027 (+/-6.86%) up or down from last closing price. If Nexus Minerals Ltd takes out the full calculated possible swing range there will be an estimated 13.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at A$0.0400 (2.56%) than the support at A$0.0380 (2.56%), 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 Nexus Minerals Ltd stock A Buy?

Nexus Minerals Ltd 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.

Current score: -5.361 Strong Sell Candidate Unchanged

Predicted Opening Price for Nexus Minerals Ltd of Thursday, June 27, 2024

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