Rio2 Limited Stock Forecast
Rio2 Limited stock price down 1.62% on Friday
(Updated on May 31, 2024)
The Rio2 Limited stock price fell by -1.62% on the last day (Friday, 31st May 2024) from $0.395 to $0.389. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.57% from a day low at $0.379 to a day high of $0.396. The price has fallen in 6 of the last 10 days and is down by -8.22% for this period. Volume has increased on the last day by 3 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 39 thousand shares were bought and sold for approximately $15.18 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 $0.382 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 49.64% during the next 3 months and, with a 90% probability hold a price between $0.571 and $0.729 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.
RIOFF Signals & Forecast
The Rio2 Limited 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 $0.403. On a fall, the stock will find some support from the long-term average at approximately $0.367. 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. 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 Tuesday, May 21, 2024, and so far it has fallen -17.15%. Further fall is indicated until a new bottom pivot has been found. Rio2 Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Rio2 Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.330 and $0.324. 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, Rio2 Limited finds support just below today's level at $0.330. If this is broken, then the next support from accumulated volume will be at $0.324 and $0.310.
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 $0.0173 between high and low, or 4.57%. For the last week, the stock has had daily average volatility of 7.48%.
Our recommended stop-loss: $0.375 (-3.57%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (RIOFF) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Rio2 Limited to open at $0.388, and during the day (based on 14 day Average True Range), to move between $0.360 and $0.417, which gives a possible trading interval of +/-$0.0284 (+/-7.32%) up or down from last closing price. If Rio2 Limited takes out the full calculated possible swing range there will be an estimated 14.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.425 (9.27%) than the support at $0.330 (15.06%), 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 Rio2 Limited 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 Rio2 Limited stock to perform well in the short-term.
Current score: 2.457 Buy Candidate Unchanged
Predicted Opening Price for Rio2 Limited of Monday, June 3, 2024
Fair opening price June 3, 2024 | Current price |
---|---|
$0.388 ( 0.189%) | $0.389 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RIOFF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.405 | 4.26 % | |
R2 | 0.398 | 2.56 % | ||
R1 | 0.394 | 1.51 % | ||
Current price: | 0.389 | |||
Support | S1 | 0.381 | -1.89 % | |
S2 | 0.377 | -2.94 % | ||
S3 | 0.370 | -4.64 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.430 | 10.68 % | |
R2 | 0.428 | 10.09 % | ||
R1 | 0.425 | 9.27 % | ||
Current price | 0.389 | |||
Support | S1 | 0.330 | -15.06% | |
S2 | 0.324 | -16.50% | ||
S3 | 0.310 | -20.21% |
FAQ
Click here for our free guide on how to buy Rio2 Limited Stock.