Searchlight Resources Inc. Stock Forecast
High volatility in Searchlight Resources Inc. stock price on Friday which ended trading at $0.0065
(Updated on Jun 28, 2024)
The Searchlight Resources Inc. stock price fell by -35.00% on the last day (Friday, 28th Jun 2024) from $0.0100 to $0.0065. During the last trading day the stock fluctuated 12.31% from a day low at $0.0065 to a day high of $0.0073. The price has been going up and down for this period, and there has been a -17.72% loss for the last 2 weeks. Volume has increased on the last day by 10 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, 10 thousand shares were bought and sold for approximately $65.00 .
The stock has broken the very wide and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $0.0079 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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SCLTF Signals & Forecast
There are few to no technical positive signals at the moment. The Searchlight Resources Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.0092 and $0.0088. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 27, 2024, and so far it has fallen -35.00%. 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). Searchlight Resources Inc. 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 Searchlight Resources Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0008 between high and low, or 12.31%. For the last week the stock has had daily average volatility of 2.46%.
Searchlight Resources Inc. is oversold on RSI14 (27). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $0.0061 (-5.46%) (This stock has low daily movements and this gives low risk. Low RSI14 is 27 which reduces the risk some. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (SCLTF) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Searchlight Resources Inc. to open at $0.0068, and during the day (based on 14 day Average True Range), to move between $0.0056 and $0.0074, which gives a possible trading interval of +/-$0.0009 (+/-14.51%) up or down from last closing price. If Searchlight Resources Inc. takes out the full calculated possible swing range there will be an estimated 29.01% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0079, some $0.0014 (21.54%) from the current price of $0.0065, our system finds the risk reward not very attractive.
Is Searchlight Resources Inc. stock A Buy?
Searchlight Resources Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Searchlight Resources Inc. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0068 ( 4.10%) | $0.0065 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCLTF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0076 | 16.41% |
| R2 | 0.0073 | 11.71% |
| R1 | 0.0071 | 8.80% |
| Price | 0.0065 | |
| S1 | 0.0065 | -0.599% |
| S2 | 0.0063 | -3.50% |
| S3 | 0.0060 | -8.21% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.0079 | 21.54% |
| Price | 0.0065 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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