Rex Minerals Limited Stock Forecast
Rex Minerals Limited stock upgraded to Buy Candidate.
(Updated on May 17, 2024)
The Rex Minerals Limited stock price fell by -3.70% on the last day (Friday, 17th May 2024) from $0.270 to $0.260. During the last trading day the stock fluctuated 3.85% from a day low at $0.260 to a day high of $0.270. The price has risen in 6 of the last 10 days and is up by 15.56% over the past 2 weeks. Volume has increased on the last day by 112 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, 1 million shares were bought and sold for approximately $385.00 thousand.
The stock lies in the middle of a 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 52.05% during the next 3 months and, with a 90% probability hold a price between $0.345 and $0.413 at the end of this 3-month period.
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RXM.AX Signals & Forecast
The Rex Minerals Limited 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 $0.254 and $0.226. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 16, 2024, and so far it has fallen -3.70%. Further fall is indicated until a new bottom pivot has been found. Rex Minerals 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".
Support, Risk & Stop-loss for Rex Minerals Limited stock
Rex Minerals Limited finds support from accumulated volume at $0.250 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 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 $0.0100 between high and low, or 3.85%. For the last week, the stock has had daily average volatility of 6.78%.
Our recommended stop-loss: $0.249 (-4.05%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (RXM.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Rex Minerals Limited to open at $0.263, and during the day (based on 14 day Average True Range), to move between $0.248 and $0.272, which gives a possible trading interval of +/-$0.0122 (+/-4.69%) up or down from last closing price. If Rex Minerals Limited takes out the full calculated possible swing range there will be an estimated 9.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.270 (3.85%) than the support at $0.250 (3.85%), 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 Rex Minerals 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 Rex Minerals Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.340 Buy Candidate Upgraded
Predicted Opening Price for Rex Minerals Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.263 ( 1.28%) | $0.260 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RXM.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.273 | 5.13 % | |
| R2 | 0.270 | 3.66 % | ||
| R1 | 0.267 | 2.75 % | ||
| Current price: | 0.260 | |||
| Support | S1 | 0.260 | -0.187 % | |
| S2 | 0.257 | -1.09 % | ||
| S3 | 0.253 | -2.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.270 | 3.85 % | ||
| Current price | 0.260 | |||
| Support | S1 | 0.250 | -3.85% | |
| S2 | 0.230 | -11.54% | ||
| S3 | 0.225 | -13.46% |
FAQ
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