Syrah Resources Ltd Stock Forecast

Volatile ride for Syrah Resources Ltd stock price on Friday moving between $0.335 and $0.370
(Updated on May 03, 2024)

SYAAF Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Syrah Resources Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.340 and $0.340. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -27.13%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Syrah Resources Ltd stock

Syrah Resources Ltd finds support from accumulated volume at $0.330 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 $0.0348 between high and low, or 10.38%. For the last week, the stock has had daily average volatility of 8.61%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SYAAF) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Syrah Resources Ltd to open at $0.347, and during the day (based on 14 day Average True Range), to move between $0.301 and $0.369, which gives a possible trading interval of +/-$0.0339 (+/-10.10%) up or down from last closing price. If Syrah Resources Ltd takes out the full calculated possible swing range there will be an estimated 20.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.340 (1.43%) than the support at $0.330 (1.55%), 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 Syrah Resources Ltd stock A Buy?

Syrah Resources Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Current score: -3.908 Sell Candidate Unchanged

Predicted Opening Price for Syrah Resources Ltd of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.