Platinum Group Metals Ltd. Stock Forecast
Platinum Group Metals Ltd. stock price down 2.72% on Friday
(Updated on May 03, 2024)
The Platinum Group Metals Ltd. stock price fell by -2.72% on the last day (Friday, 3rd May 2024) from $1.84 to $1.79. During the last trading day the stock fluctuated 2.25% from a day low at $1.78 to a day high of $1.82. The price has risen in 6 of the last 10 days but is still down by -3.24% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -4 thousand shares and in total, 11 thousand shares were bought and sold for approximately $19.41 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.77 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 42.47% during the next 3 months and, with a 90% probability hold a price between $2.52 and $3.17 at the end of this 3-month period.
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PTM.TO Signals & Forecast
The Platinum Group Metals Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $1.84. On a fall, the stock will find some support from the long-term average at approximately $1.76. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -11.39%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Platinum Group Metals Ltd. stock
Platinum Group Metals Ltd. finds support from accumulated volume at $1.74 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0400 between high and low, or 2.25%. For the last week the stock has had daily average volatility of 4.35%.
Our recommended stop-loss: $1.72 (-4.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 19 days ago.)
Trading Expectations (PTM.TO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Platinum Group Metals Ltd. to open at $1.80, and during the day (based on 14 day Average True Range), to move between $1.67 and $1.91, which gives a possible trading interval of +/-$0.119 (+/-6.64%) 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 13.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.74 (2.79%) than the resistance at $1.87 (4.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: 2.793 Buy Candidate Unchanged
Predicted Opening Price for Platinum Group Metals Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.80 ( 0.372%) | $1.79 |
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 | 1.84 | 2.61 % | |
| R2 | 1.82 | 1.75 % | ||
| R1 | 1.81 | 1.23 % | ||
| Current price: | 1.79 | |||
| Support | S1 | 1.78 | -0.481 % | |
| S2 | 1.77 | -1.01 % | ||
| S3 | 1.76 | -1.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 12.85 % | |
| R2 | 1.88 | 5.03 % | ||
| R1 | 1.87 | 4.47 % | ||
| Current price | 1.79 | |||
| Support | S1 | 1.74 | -2.79% | |
| S2 | 1.58 | -11.73% | ||
| S3 | 1.52 | -15.08% |
FAQ
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