Skyharbour Resources Ltd. Stock Forecast
Skyharbour Resources Ltd. stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Jun 20, 2024)
The Skyharbour Resources Ltd. stock price gained 2.53% on the last trading day (Thursday, 20th Jun 2024), rising from $0.395 to $0.405. During the last trading day the stock fluctuated 6.41% from a day low at $0.390 to a day high of $0.415. The price has risen in 5 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 259 thousand more shares were traded than the day before. In total, 327 thousand shares were bought and sold for approximately $132.50 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -19.77% during the next 3 months and, with a 90% probability hold a price between $0.291 and $0.359 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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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 8.00%. Further rise is indicated until a new top pivot has been found. Skyharbour Resources Ltd. 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 Skyharbour Resources Ltd. 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 $0.418. On a fall, the stock will find some support from the short-term average at $0.396. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Skyharbour Resources Ltd. stock
Skyharbour Resources Ltd. finds support from accumulated volume at $0.400 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 $0.0250 between high and low, or 6.41%. For the last week, the stock has had daily average volatility of 3.87%.
Our recommended stop-loss: $0.388 (-4.24%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 53 days ago.)
Trading Expectations (SYH.V) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Skyharbour Resources Ltd. to open at $0.403, and during the day (based on 14 day Average True Range), to move between $0.386 and $0.424, which gives a possible trading interval of +/-$0.0188 (+/-4.64%) up or down from last closing price. If Skyharbour Resources Ltd. takes out the full calculated possible swing range there will be an estimated 9.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.400 (1.23%) than the resistance at $0.440 (8.64%), 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 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.143 Hold/Accumulate Upgraded
Predicted Opening Price for Skyharbour Resources Ltd. of Friday, June 21, 2024
Fair opening price June 21, 2024 | Current price |
---|---|
$0.403 ( 0.412%) | $0.405 |
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 | 0.428 | 5.76% |
R2 | 0.419 | 3.40% |
R1 | 0.413 | 1.95% |
Price | 0.405 | |
S1 | 0.394 | -2.77% |
S2 | 0.388 | -4.23% |
S3 | 0.378 | -6.58% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.500 | 23.46% |
R2 | 0.450 | 11.11% |
R1 | 0.440 | 8.64% |
Price | 0.405 | |
S1 | 0.400 | -1.23% |
S2 | 0.395 | -2.47% |
S3 | 0.385 | -4.94% |
FAQ
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