Sayona Mining Ltd Stock Forecast
High volatility in Sayona Mining Ltd stock price on Friday which ended trading at $0.0530
(Updated on May 17, 2024)
The Sayona Mining Ltd stock price gained 10.42% on the last trading day (Friday, 17th May 2024), rising from $0.0480 to $0.0530. It has now gained 4 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 16.67% from a day low at $0.0480 to a day high of $0.0560. The price has risen in 7 of the last 10 days and is up by 60.61% 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, 459 million more shares were traded than the day before. In total, 548 million shares were bought and sold for approximately $29.05 million.
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 $0.0553 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 -14.02% during the next 3 months and, with a 90% probability hold a price between $0.0260 and $0.0475 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.
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SYA.AX Signals & Forecast
The Sayona Mining Ltd 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 $0.0456 and $0.0381. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 65.63%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Sayona Mining Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0420 and $0.0410. 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, Sayona Mining Ltd finds support just below today's level at $0.0420. If this is broken, then the next support from accumulated volume will be at $0.0410 and $0.0400.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0080 between high and low, or 16.67%. For the last week, the stock has had daily average volatility of 10.35%.
The Sayona Mining Ltd stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.0512 (-3.34%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (SYA.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Sayona Mining Ltd to open at $0.0523, and during the day (based on 14 day Average True Range), to move between $0.0497 and $0.0563, which gives a possible trading interval of +/-$0.0033 (+/-6.32%) up or down from last closing price. If Sayona Mining Ltd takes out the full calculated possible swing range there will be an estimated 12.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0590 (11.32%) than the support at $0.0420 (20.75%), 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 Sayona Mining Ltd stock A Buy?
Sayona Mining Ltd 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: 0.000 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 Sayona Mining Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0523 ( 1.26%) | $0.0530 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SYA.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0603 | 13.84 % | |
| R2 | 0.0573 | 8.07 % | ||
| R1 | 0.0554 | 4.51 % | ||
| Current price: | 0.0530 | |||
| Support | S1 | 0.0493 | -7.02 % | |
| S2 | 0.0474 | -10.59 % | ||
| S3 | 0.0443 | -16.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.0640 | 20.75 % | ||
| R1 | 0.0590 | 11.32 % | ||
| Current price | 0.0530 | |||
| Support | S1 | 0.0420 | -20.75% | |
| S2 | 0.0410 | -22.64% | ||
| S3 | 0.0400 | -24.53% |
FAQ
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