Skyharbour Resources Ltd. Stock Forecast
Skyharbour Resources Ltd. stock upgraded to Hold/Accumulate.
(Updated on Jun 18, 2024)
The Skyharbour Resources Ltd. stock price fell by -3.75% on the last day (Tuesday, 18th Jun 2024) from $0.400 to $0.385. During the last trading day the stock fluctuated 2.60% from a day low at $0.385 to a day high of $0.395. The price has fallen in 4 of the last 10 days and is down by -7.23% for this period. Volume has increased on the last day by 645 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, 645 thousand shares were bought and sold for approximately $248.46 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.367 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -17.81% during the next 3 months and, with a 90% probability hold a price between $0.302 and $0.378 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.
SYH.V Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 2.67%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Skyharbour 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 $0.394 and $0.421. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Skyharbour Resources Ltd. 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".
Support, Risk & Stop-loss for Skyharbour Resources Ltd. stock
Skyharbour Resources Ltd. finds support from accumulated volume at $0.375 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 $0.0100 between high and low, or 2.60%. For the last week, the stock has had daily average volatility of 2.87%.
Our recommended stop-loss: $0.370 (-3.77%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 51 days ago.)
Trading Expectations (SYH.V) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect Skyharbour Resources Ltd. to open at $0.388, and during the day (based on 14 day Average True Range), to move between $0.367 and $0.403, which gives a possible trading interval of +/-$0.0180 (+/-4.67%) up or down from last closing price. If Skyharbour Resources Ltd. takes out the full calculated possible swing range there will be an estimated 9.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.375 (2.60%) than the resistance at $0.425 (10.39%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Skyharbour Resources Ltd. stock A Buy?
Skyharbour Resources Ltd. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 Skyharbour Resources Ltd. of Wednesday, June 19, 2024
Fair opening price June 19, 2024 | Current price |
---|---|
$0.388 ( 0.87%) | $0.385 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SYH.V
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.398 | 3.46% |
R2 | 0.395 | 2.47% |
R1 | 0.392 | 1.86% |
Price | 0.385 | |
S1 | 0.385 | -0.126% |
S2 | 0.382 | -0.739% |
S3 | 0.378 | -1.73% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.450 | 16.88% |
R2 | 0.440 | 14.29% |
R1 | 0.425 | 10.39% |
Price | 0.385 | |
S1 | 0.375 | -2.60% |
S2 | 0 | - |
S3 | 0 | - |
FAQ
Click here for our free guide on how to buy Skyharbour Resources Ltd. Stock.