Peloton Minerals Corporation Stock Forecast
Peloton Minerals Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 22, 2024)
No changes to the price of Peloton Minerals Corporation stock on the last trading day (Wednesday, 22nd May 2024). During the last trading day the stock fluctuated 9.52% from a day low at $0.105 to a day high of $0.115. The price has been going up and down for this period, and there has been a -4.17% loss for the last 2 weeks.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $0.120 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Peloton Minerals Corporation stock with a 90% probability to be traded between $0.0872 and $0.118 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PMC.CN Signals & Forecast
The Peloton Minerals Corporation 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 $0.112 and $0.113. 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). 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. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -4.17%. Further fall is indicated until a new bottom pivot has been found.
A sell signal from a double top formation was found on Monday, May 13, 2024 and based on theory for this formation the price should fall by -27.20% to $0.0837 within 43 trading days since signal was issued (Thursday, May 23, 2024).
Support, Risk & Stop-loss for Peloton Minerals Corporation stock
Peloton Minerals Corporation finds support from accumulated volume at $0.110 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0100 between high and low, or 9.52%. For the last week, the stock has had daily average volatility of 3.81%.
Our recommended stop-loss: $0.109 (-4.96%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (PMC.CN) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Peloton Minerals Corporation to open at $0.112, and during the day (based on 14 day Average True Range), to move between $0.110 and $0.120, which gives a possible trading interval of +/-$0.0052 (+/-4.53%) up or down from last closing price. If Peloton Minerals Corporation takes out the full calculated possible swing range there will be an estimated 9.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.120 (4.35%) than the support at $0.110 (4.35%), 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 Peloton Minerals Corporation stock A Buy?
Peloton Minerals Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 Peloton Minerals Corporation of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| $0.112 ( 2.90%) | $0.115 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PMC.CN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.122 | 5.80 % | |
| R2 | 0.118 | 2.48 % | ||
| R1 | 0.115 | 0.423 % | ||
| Current price: | 0.115 | |||
| Support | S1 | 0.108 | -6.22 % | |
| S2 | 0.105 | -8.27 % | ||
| S3 | 0.102 | -11.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.125 | 8.70 % | ||
| R1 | 0.120 | 4.35 % | ||
| Current price | 0.115 | |||
| Support | S1 | 0.110 | -4.35% | |
| S2 | 0.105 | -8.70% | ||
| S3 | 0.100 | -13.04% |
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