NovaCopper Inc Stock Forecast
NovaCopper Inc stock price down 1.73% on Thursday
(Updated on Mar 28, 2024)
The NovaCopper Inc stock price fell by -1.73% on the last day (Thursday, 28th Mar 2024) from $0.509 to $0.500. During the last trading day the stock fluctuated 4.00% from a day low at $0.500 to a day high of $0.520. The price has risen in 7 of the last 10 days and is up by 6.16% over the past 2 weeks. Volume has increased on the last day by 64 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, 127 thousand shares were bought and sold for approximately $63.70 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect NovaCopper Inc stock with a 90% probability to be traded between $0.434 and $0.628 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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TMQ Signals & Forecast
The NovaCopper Inc 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 $0.491 and $0.459. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 28, 2024, and so far it has risen 17.65%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. NovaCopper Inc 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.
Support, Risk & Stop-loss for NovaCopper Inc stock
NovaCopper Inc finds support from accumulated volume at $0.477 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 $0.0200 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 5.47%.
Our recommended stop-loss: $0.478 (-4.37%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (TMQ) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect NovaCopper Inc to open at $0.507, and during the day (based on 14 day Average True Range), to move between $0.468 and $0.532, which gives a possible trading interval of +/-$0.0316 (+/-6.31%) up or down from last closing price. If NovaCopper Inc takes out the full calculated possible swing range there will be an estimated 12.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.501 (0.20%) than the support at $0.477 (4.62%), 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 NovaCopper Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for NovaCopper Inc stock to perform well in the short-term period.
Current score: 2.081 Buy Candidate Unchanged
Predicted Opening Price for NovaCopper Inc of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$0.507 ( 1.33%) | $0.500 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TMQ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.527 | 5.33 % | |
R2 | 0.519 | 3.81 % | ||
R1 | 0.514 | 2.86 % | ||
Current price: | 0.500 | |||
Support | S1 | 0.499 | -0.195 % | |
S2 | 0.494 | -1.14 % | ||
S3 | 0.487 | -2.67 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.613 | 22.58 % | |
R2 | 0.600 | 20.00 % | ||
R1 | 0.501 | 0.200 % | ||
Current price | 0.500 | |||
Support | S1 | 0.477 | -4.62% | |
S2 | 0.447 | -10.52% | ||
S3 | 0.439 | -12.20% |
FAQ
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