Phenom Resources Corp. Stock Forecast

Evaluation of Phenom Resources Corp. stock downgraded after the last trading session.
(Updated on May 17, 2024)

PHNM.V Signals & Forecast

The Phenom Resources Corp. 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 $0.534 and $0.439. 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). Phenom Resources Corp. 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 Friday, May 10, 2024, and so far it has fallen -1.82%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Phenom Resources Corp. stock

Phenom Resources Corp. finds support from accumulated volume at $0.530 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 $0.0300 between high and low, or 5.88%. For the last week, the stock has had daily average volatility of 3.85%.

Our recommended stop-loss: $0.518 (-4.03%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (PHNM.V) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Phenom Resources Corp. to open at $0.530, and during the day (based on 14 day Average True Range), to move between $0.511 and $0.569, which gives a possible trading interval of +/-$0.0289 (+/-5.36%) up or down from last closing price. If Phenom Resources Corp. takes out the full calculated possible swing range there will be an estimated 10.72% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.550 (1.85%) than the support at $0.530 (1.85%), 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 Phenom Resources Corp. stock A Buy?

Phenom Resources Corp. 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: 0.000 Hold/Accumulate Downgraded

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 Phenom Resources Corp. of Tuesday, May 21, 2024

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