Orex Minerals Inc Stock Forecast

High volatility in Orex Minerals Inc stock price on Friday which ended trading at $0.265
(Updated on Jun 21, 2024)

ORMNF Signals & Forecast

The Orex Minerals 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 $0.225 and $0.250. A breakdown below any of these levels will issue sell signals. Orex Minerals 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -16.59%. 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).

Support, Risk & Stop-loss for Orex Minerals Inc stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.220 and $0.215. 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, Orex Minerals Inc finds support just below today's level at $0.220. If this is broken, then the next support from accumulated volume will be at $0.215 and $0.213.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.105 between high and low, or 58.33%. For the last week, the stock has had daily average volatility of 11.67%.

Our recommended stop-loss: $0.248 (-6.06%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 38 days ago.)

Trading Expectations (ORMNF) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect Orex Minerals Inc to open at $0.243, and during the day (based on 14 day Average True Range), to move between $0.240 and $0.289, which gives a possible trading interval of +/-$0.0241 (+/-9.09%) up or down from last closing price. If Orex Minerals Inc takes out the full calculated possible swing range there will be an estimated 18.19% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.270 (2.08%) than the support at $0.220 (16.82%), 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 Orex Minerals Inc stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Orex Minerals Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 2.976 Buy Candidate Upgraded

Predicted Opening Price for Orex Minerals Inc of Monday, June 24, 2024

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