Sigma Lithium Corporation Stock Forecast
Stronger technical forecast for Sigma Lithium Corporation stock price after Wednesday trading.
(Updated on May 01, 2024)
The Sigma Lithium Corporation stock price gained 4.04% on the last trading day (Wednesday, 1st May 2024), rising from $14.37 to $14.95. During the last trading day the stock fluctuated 6.36% from a day low at $14.16 to a day high of $15.06. The price has risen in 6 of the last 10 days and is up by 10.74% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 108 thousand more shares were traded than the day before. In total, 716 thousand shares were bought and sold for approximately $10.70 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Sigma Lithium Corporation stock with a 90% probability to be traded between $11.54 and $16.00 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SGML Signals & Forecast
The Sigma Lithium Corporation 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 $14.39 and $13.80. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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, April 11, 2024, and so far it has fallen -4.17%. 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).
A buy signal from a double bottom formation was found on Tuesday, March 26, 2024 and based on theory for this formation the price should go up by 3.61% to $15.49 within 22 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for Sigma Lithium Corporation stock
Sigma Lithium Corporation finds support from accumulated volume at $14.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.90 between high and low, or 6.36%. For the last week, the stock has had daily average volatility of 4.25%.
Our recommended stop-loss: $14.26 (-4.62%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (SGML) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Sigma Lithium Corporation to open at $14.72, and during the day (based on 14 day Average True Range), to move between $14.06 and $15.84, which gives a possible trading interval of +/-$0.89 (+/-5.97%) up or down from last closing price. If Sigma Lithium Corporation takes out the full calculated possible swing range there will be an estimated 11.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.97 (0.13%) than the support at $14.39 (3.75%), 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 Sigma Lithium Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Sigma Lithium Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.334 Buy Candidate Upgraded
Predicted Opening Price for Sigma Lithium Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $14.72 ( 1.52%) | $14.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SGML
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.62 | 4.50 % | |
| R2 | 15.28 | 2.20 % | ||
| R1 | 15.07 | 0.784 % | ||
| Current price: | 14.95 | |||
| Support | S1 | 14.38 | -3.82 % | |
| S2 | 14.17 | -5.24 % | ||
| S3 | 13.82 | -7.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.85 | 12.71 % | |
| R2 | 15.93 | 6.56 % | ||
| R1 | 14.97 | 0.134 % | ||
| Current price | 14.95 | |||
| Support | S1 | 14.39 | -3.75% | |
| S2 | 14.27 | -4.55% | ||
| S3 | 14.26 | -4.62% |
FAQ
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