Orefinders Resources Inc. Stock Forecast
Orefinders Resources Inc. stock price up more than 16.83% on Friday
(Updated on Jun 21, 2024)
The Orefinders Resources Inc. stock price gained 16.83% on the last trading day (Friday, 21st Jun 2024), rising from $0.0410 to $0.0479. During the last trading day the stock fluctuated 9.60% from a day low at $0.0479 to a day high of $0.0525. The price has been going up and down for this period, and there has been a 4.13% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 29 thousand more shares were traded than the day before. In total, 29 thousand shares were bought and sold for approximately $1.38 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0497 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -12.08% during the next 3 months and, with a 90% probability hold a price between $0.0308 and $0.0437 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ORFDF Signals & Forecast
The Orefinders Resources Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0435 and $0.0455. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 19.75%. 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). Orefinders Resources Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Thursday, May 30, 2024 and based on theory for this formation the price should go up by 13.57% to $0.0544 within 21 trading days since signal was issued (Monday, July 01, 2024).
Support, Risk & Stop-loss for Orefinders Resources Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0450 and $0.0440. 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, Orefinders Resources Inc. finds support just below today's level at $0.0450. If this is broken, then the next support from accumulated volume will be at $0.0440 and $0.0430.
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 $0.0046 between high and low, or 9.60%. For the last week, the stock has had daily average volatility of 2.69%.
Our recommended stop-loss: $0.0461 (-3.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 49 days ago.)
Trading Expectations (ORFDF) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Orefinders Resources Inc. to open at $0.0494, and during the day (based on 14 day Average True Range), to move between $0.0452 and $0.0506, which gives a possible trading interval of +/-$0.0027 (+/-5.67%) up or down from last closing price. If Orefinders Resources Inc. takes out the full calculated possible swing range there will be an estimated 11.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0450 (6.05%) than the resistance at $0.0520 (8.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Orefinders Resources Inc. stock A Buy?
Orefinders Resources Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Orefinders Resources Inc. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $0.0494 ( 3.20%) | $0.0479 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORFDF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0540 | 12.80% |
| R2 | 0.0523 | 9.14% |
| R1 | 0.0512 | 6.87% |
| Price | 0.0479 | |
| S1 | 0.0477 | -0.467% |
| S2 | 0.0466 | -2.73% |
| S3 | 0.0448 | -6.40% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0560 | 16.91% |
| R2 | 0.0530 | 10.65% |
| R1 | 0.0520 | 8.56% |
| Price | 0.0479 | |
| S1 | 0.0450 | -6.05% |
| S2 | 0.0440 | -8.14% |
| S3 | 0.0430 | -10.23% |
FAQ
Click here for our free guide on how to buy Orefinders Resources Inc. Stock.
