Resource Mining Corp Ltd Stock Forecast
Weaker technical forecast for Resource Mining Corp Ltd as stock downgraded to Sell Candidate.
(Updated on Jun 28, 2024)
The Resource Mining Corp Ltd stock price fell by -4.35% on the last day (Friday, 28th Jun 2024) from A$0.0230 to A$0.0220. During the last trading day the stock fluctuated 0% from a day low at A$0.0220 to a day high of A$0.0220. The price has been going up and down for this period, and there has been a 10% gain for the last 2 weeks. 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 -560 thousand shares and in total, 123 thousand shares were bought and sold for approximately A$2.72 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.47% during the next 3 months and, with a 90% probability hold a price between A$0.0174 and A$0.0244 at the end of this 3-month period.
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RMI.AX Signals & Forecast
The Resource Mining Corp 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 A$0.0230. On a fall, the stock will find some support from the long-term average at approximately A$0.0206. 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 Wednesday, June 26, 2024, and so far it has fallen -12.00%. Further fall is indicated until a new bottom pivot has been found. 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.
A buy signal from a double bottom formation was found on Monday, May 06, 2024 and based on theory for this formation the price should go up by 28.32% to A$0.0282 within 13 trading days since signal was issued (Thursday, May 23, 2024).
Support, Risk & Stop-loss for Resource Mining Corp Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at A$0.0200 and A$0.0190. 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, Resource Mining Corp Ltd finds support just below today's level at A$0.0200. If this is broken, then the next support from accumulated volume will be at A$0.0190 and A$0.0180.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved A$0 between high and low, or 0%. For the last week the stock has had daily average volatility of 9.24%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RMI.AX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Resource Mining Corp Ltd to open at A$0.0220, and during the day (based on 14 day Average True Range), to move between A$0.0205 and A$0.0235, which gives a possible trading interval of +/-A$0.0015 (+/-6.72%) up or down from last closing price. If Resource Mining Corp Ltd takes out the full calculated possible swing range there will be an estimated 13.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at A$0.0230 (4.55%) than the support at A$0.0200 (9.09%), 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 Resource Mining Corp Ltd stock A Buy?
Resource Mining Corp Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -1.797 Sell Candidate Downgraded
Predicted Opening Price for Resource Mining Corp Ltd of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| A$0.0220 ( 0.00000000%) | A$0.0220 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RMI.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0220 | 0.00000000% |
| R2 | 0.0220 | 0.00000000% |
| R1 | 0.0220 | 0.00000000% |
| Price | 0.0220 | |
| S1 | 0.0220 | 0.00000000% |
| S2 | 0.0220 | 0.00000000% |
| S3 | 0.0220 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0250 | 13.64% |
| R2 | 0.0240 | 9.09% |
| R1 | 0.0230 | 4.55% |
| Price | 0.0220 | |
| S1 | 0.0200 | -9.09% |
| S2 | 0.0190 | -13.64% |
| S3 | 0.0180 | -18.18% |
FAQ
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