Summa Silver Corp. Stock Forecast
A very red day for Summa Silver Corp. stock price after a -5.78% fall in the Tuesday trading session
(Updated on Jun 25, 2024)
The Summa Silver Corp. stock price fell by -5.78% on the last day (Tuesday, 25th Jun 2024) from $0.329 to $0.310. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.23% from a day low at $0.310 to a day high of $0.320. The price has fallen in 7 of the last 10 days and is down by -19.27% for this period. Volume has increased on the last day by 28 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, 54 thousand shares were bought and sold for approximately $16.76 thousand.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.288 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 5.26% during the next 3 months and, with a 90% probability hold a price between $0.304 and $0.450 at the end of this 3-month period.
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SSVRF Signals & Forecast
There are few to no technical positive signals at the moment. The Summa Silver Corp. 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 $0.340 and $0.337. 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 06, 2024, and so far it has fallen -23.93%. 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). Summa Silver Corp. 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.
A sell signal from a double top formation was found on Thursday, June 06, 2024 and based on theory for this formation the price should fall by -38.17% to $0.192 within 43 trading days since signal was issued (Thursday, August 08, 2024).
Support, Risk & Stop-loss for Summa Silver Corp. stock
Summa Silver Corp. finds support from accumulated volume at $0.309 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 3.23%. For the last week, the stock has had daily average volatility of 8.77%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SSVRF) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Summa Silver Corp. to open at $0.313, and during the day (based on 14 day Average True Range), to move between $0.283 and $0.337, which gives a possible trading interval of +/-$0.0266 (+/-8.59%) up or down from last closing price. If Summa Silver Corp. takes out the full calculated possible swing range there will be an estimated 17.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.309 (0.23%) than the resistance at $0.360 (16.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Summa Silver Corp. stock A Buy?
The Summa Silver Corp. stock holds several negative signals and despite the positive trend, we believe Summa Silver Corp. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.665 Sell Candidate Downgraded
Predicted Opening Price for Summa Silver Corp. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.313 ( 1.08%) | $0.310 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SSVRF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.323 | 4.30% |
| R2 | 0.320 | 3.07% |
| R1 | 0.317 | 2.31% |
| Price | 0.310 | |
| S1 | 0.310 | -0.157% |
| S2 | 0.307 | -0.92% |
| S3 | 0.303 | -2.15% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.381 | 22.81% |
| R2 | 0.367 | 18.48% |
| R1 | 0.360 | 16.16% |
| Price | 0.310 | |
| S1 | 0.309 | -0.226% |
| S2 | 0.300 | -3.08% |
| S3 | 0.300 | -3.23% |
FAQ
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