Rox Resources Limited Stock Forecast
Rox Resources Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Rox Resources Limited stock price fell by -2.86% on the last day (Friday, 17th May 2024) from $0.175 to $0.170. During the last trading day the stock fluctuated 2.94% from a day low at $0.170 to a day high of $0.175. The price has fallen in 4 of the last 10 days. 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 -311 thousand shares and in total, 139 thousand shares were bought and sold for approximately $23.58 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 $0.164 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 16.80% during the next 3 months and, with a 90% probability hold a price between $0.191 and $0.291 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.
RXL.AX Signals & Forecast
The Rox Resources Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.171 and $0.192. A break-up above any of these levels will issue buy signals. 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. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 6.25%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Rox Resources Limited stock
Rox Resources Limited finds support from accumulated volume at $0.165 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0050 between high and low, or 2.94%. For the last week the stock has had daily average volatility of 3.89%.
Our recommended stop-loss: $0.163 (-4.35%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (RXL.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Rox Resources Limited to open at $0.172, and during the day (based on 14 day Average True Range), to move between $0.160 and $0.180, which gives a possible trading interval of +/-$0.0103 (+/-6.03%) up or down from last closing price. If Rox Resources Limited takes out the full calculated possible swing range there will be an estimated 12.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.175 (2.94%) than the support at $0.165 (2.94%), 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 Rox Resources Limited stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.150 Buy Candidate Upgraded
Predicted Opening Price for Rox Resources Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.172 ( 0.98%) | $0.170 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RXL.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.177 | 3.92 % | |
| R2 | 0.175 | 2.80 % | ||
| R1 | 0.174 | 2.10 % | ||
| Current price: | 0.170 | |||
| Support | S1 | 0.170 | -0.143 % | |
| S2 | 0.169 | -0.84 % | ||
| S3 | 0.167 | -1.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.200 | 17.65 % | |
| R2 | 0.190 | 11.76 % | ||
| R1 | 0.175 | 2.94 % | ||
| Current price | 0.170 | |||
| Support | S1 | 0.165 | -2.94% | |
| S2 | 0.160 | -5.88% | ||
| S3 | 0.155 | -8.82% |
FAQ
Click here for our free guide on how to buy Rox Resources Limited Stock.
