SomnoMed Limited Stock Forecast
High volatility in SomnoMed Limited stock price on Wednesday which ended trading at $0.260
(Updated on May 15, 2024)
The SomnoMed Limited stock price gained 4.00% on the last trading day (Wednesday, 15th May 2024), rising from $0.250 to $0.260. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 17.31% from a day low at $0.260 to a day high of $0.305. The price has risen in 7 of the last 10 days and is up by 20.93% 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, 65 thousand more shares were traded than the day before. In total, 390 thousand shares were bought and sold for approximately $101.44 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.268 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -51.20% during the next 3 months and, with a 90% probability hold a price between $0.0746 and $0.131 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SOM.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 33.33%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). SomnoMed Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SomnoMed Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.262. On a fall, the stock will find some support from the short-term average at $0.221. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for SomnoMed Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.215 and $0.210. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, SomnoMed Limited finds support just below today's level at $0.215. If this is broken, then the next support from accumulated volume will be at $0.210 and $0.205.
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 $0.0450 between high and low, or 17.31%. For the last week, the stock has had daily average volatility of 10.66%.
Our recommended stop-loss: $0.250 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (SOM.AX) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect SomnoMed Limited to open at $0.275, and during the day (based on 14 day Average True Range), to move between $0.238 and $0.282, which gives a possible trading interval of +/-$0.0220 (+/-8.45%) up or down from last closing price. If SomnoMed Limited takes out the full calculated possible swing range there will be an estimated 16.91% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.215, some $0.0450 (17.31%) from the current price of $0.260, our system finds the risk reward attractive.
Is SomnoMed Limited stock A Buy?
SomnoMed Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.328 Hold/Accumulate Unchanged
Predicted Opening Price for SomnoMed Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| $0.275 ( 5.77%) | $0.260 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOM.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.320 | 23.08 % | |
| R2 | 0.303 | 16.47 % | ||
| R1 | 0.292 | 12.38 % | ||
| Current price: | 0.260 | |||
| Support | S1 | 0.258 | -0.84 % | |
| S2 | 0.247 | -4.93 % | ||
| S3 | 0.230 | -11.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.260 | |||
| Support | S1 | 0.215 | -17.31% | |
| S2 | 0.210 | -19.23% | ||
| S3 | 0.205 | -21.15% |
FAQ
Click here for our free guide on how to buy SomnoMed Limited Stock.
