Savannah Resources Plc Stock Forecast
Savannah Resources Plc stock downgraded to Buy Candidate
(Updated on May 02, 2024)
The Savannah Resources Plc stock price fell by -2.82% on the last day (Thursday, 2nd May 2024) from £3.55 to £3.45. During the last trading day the stock fluctuated 9.09% from a day low at £3.30 to a day high of £3.60. The price has been going up and down for this period, and there has been a 2.99% gain for the last 2 weeks. Volume has increased on the last day by 949 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 £5.13 million.
The stock lies in the lower part of a 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 £3.40 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 127.63% during the next 3 months and, with a 90% probability hold a price between £7.73 and £9.18 at the end of this 3-month period.
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SAV.L Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -2.82%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Savannah Resources Plc 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 £3.37 and £3.30. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Savannah Resources Plc stock
Savannah Resources Plc finds support from accumulated volume at £3.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £0.300 (9.09%) between high and low. For the last week, the stock has had daily average volatility of 7.05%.
Our recommended stop-loss: £3.31 (-4.07%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (SAV.L) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Savannah Resources Plc to open at £3.45, and during the day (based on 14 day Average True Range), to move between £3.25 and £3.65, which gives a possible trading interval of +/-£0.203 (+/-5.90%) up or down from last closing price. If Savannah Resources Plc takes out the full calculated possible swing range there will be an estimated 11.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £3.55 (2.90%) than the support at £3.35 (2.90%), 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 Savannah Resources Plc 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 Savannah Resources Plc stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.054 Buy Candidate Downgraded
Predicted Opening Price for Savannah Resources Plc of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
£3.45 ( 0.00000000%) | £3.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SAV.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.75 | 8.70 % | |
R2 | 3.64 | 5.37 % | ||
R1 | 3.56 | 3.32 % | ||
Current price: | 3.45 | |||
Support | S1 | 3.34 | -3.32 % | |
S2 | 3.26 | -5.37 % | ||
S3 | 3.15 | -8.70 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 3.55 | 2.90 % | ||
Current price | 3.45 | |||
Support | S1 | 3.35 | -2.90% | |
S2 | 3.30 | -4.35% | ||
S3 | 3.20 | -7.25% |
FAQ
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