Platinum Group Metals Ltd. Stock Forecast
On Thursday, Platinum Group Metals Ltd. stock price gained an impressive 5.65%
(Updated on Apr 25, 2024)
The Platinum Group Metals Ltd. stock price gained 5.65% on the last trading day (Thursday, 25th Apr 2024), rising from $1.77 to $1.87. During the last trading day the stock fluctuated 6.63% from a day low at $1.81 to a day high of $1.93. The price has been going up and down for this period, and there has been a 2.19% 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, 9 thousand more shares were traded than the day before. In total, 20 thousand shares were bought and sold for approximately $37.61 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 41.72% during the next 3 months and, with a 90% probability hold a price between $2.43 and $3.05 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PTM.TO Signals & Forecast
The Platinum Group Metals Ltd. 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 $1.84 and $1.71. A breakdown below any of these levels will issue sell signals. Platinum Group Metals Ltd. 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, April 08, 2024, and so far it has fallen -7.43%. 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 Platinum Group Metals Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.69 and $1.58. 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, Platinum Group Metals Ltd. finds support just below today's level at $1.69. If this is broken, then the next support from accumulated volume will be at $1.58 and $1.52.
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 $0.120 between high and low, or 6.63%. For the last week, the stock has had daily average volatility of 5.25%.
Our recommended stop-loss: $1.78 (-5.06%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (PTM.TO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Platinum Group Metals Ltd. to open at $1.87, and during the day (based on 14 day Average True Range), to move between $1.73 and $2.01, which gives a possible trading interval of +/-$0.137 (+/-7.32%) up or down from last closing price. If Platinum Group Metals Ltd. takes out the full calculated possible swing range there will be an estimated 14.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.88 (0.53%) than the support at $1.69 (9.63%), 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 Platinum Group Metals Ltd. 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 Platinum Group Metals Ltd. stock to perform well in the short-term.
Current score: 3.219 Buy Candidate Unchanged
Predicted Opening Price for Platinum Group Metals Ltd. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $1.87 ( 0%) | $1.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PTM.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.99 | 6.42 % | |
| R2 | 1.94 | 3.97 % | ||
| R1 | 1.92 | 2.45 % | ||
| Current price: | 1.87 | |||
| Support | S1 | 1.82 | -2.45 % | |
| S2 | 1.80 | -3.97 % | ||
| S3 | 1.75 | -6.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 8.02 % | |
| R2 | 1.91 | 2.14 % | ||
| R1 | 1.88 | 0.535 % | ||
| Current price | 1.87 | |||
| Support | S1 | 1.69 | -9.63% | |
| S2 | 1.58 | -15.51% | ||
| S3 | 1.52 | -18.72% |
FAQ
Click here for our free guide on how to buy Platinum Group Metals Ltd. Stock.
