Portofino Resources Inc Stock Forecast

Weaker technical forecast for Portofino Resources Inc as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)

PFFOF Signals & Forecast

The Portofino 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 $0.0300 and $0.0305. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, May 16, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Portofino Resources Inc stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0295 and $0.0284. 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, Portofino Resources Inc finds support just below today's level at $0.0295. If this is broken, then the next support from accumulated volume will be at $0.0284 and $0.0280.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 8.29%

Our recommended stop-loss: $0.0316 (-3.92%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (PFFOF) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Portofino Resources Inc to open at $0.0329, and during the day (based on 14 day Average True Range), to move between $0.0305 and $0.0353, which gives a possible trading interval of +/-$0.0024 (+/-7.23%) up or down from last closing price. If Portofino Resources Inc takes out the full calculated possible swing range there will be an estimated 14.46% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0295 (10.33%) than the resistance at $0.0377 (14.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Portofino Resources Inc stock A Buy?

Portofino 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.695 Hold/Accumulate Downgraded

Predicted Opening Price for Portofino Resources Inc of Monday, May 20, 2024

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