NovaCopper Inc Stock Forecast
NovaCopper Inc stock downgraded to Hold/Accumulate
(Updated on Jul 02, 2024)
The NovaCopper Inc stock price fell by -1.56% on the last day (Tuesday, 2nd Jul 2024) from $0.513 to $0.505. During the last trading day the stock fluctuated 4.08% from a day low at $0.490 to a day high of $0.510. The price has fallen in 6 of the last 10 days but is still up by 9.67% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -8 thousand shares and in total, 118 thousand shares were bought and sold for approximately $59.29 thousand.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.84% during the next 3 months and, with a 90% probability hold a price between $0.422 and $0.596 at the end of this 3-month period.
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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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.481 and $0.490. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -7.58%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for NovaCopper Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.475 and $0.420. 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, NovaCopper Inc finds support just below today's level at $0.475. If this is broken, then the next support from accumulated volume will be at $0.420 and $0.400.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0200 between high and low, or 4.08%. For the last week the stock has had daily average volatility of 7.88%.
Our recommended stop-loss: $0.475 (-5.90%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 51 days ago.)
Trading Expectations (TMQ) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect NovaCopper Inc to open at $0.502, and during the day (based on 14 day Average True Range), to move between $0.469 and $0.540, which gives a possible trading interval of +/-$0.0354 (+/-7.01%) up or down from last closing price. If NovaCopper Inc takes out the full calculated possible swing range there will be an estimated 14.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.528 (4.66%) than the support at $0.475 (5.85%), 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?
NovaCopper Inc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.990 Hold/Accumulate Downgraded
Predicted Opening Price for NovaCopper Inc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.502 ( 0.595%) | $0.505 |
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 | |
|---|---|---|
| R3 | 0.522 | 3.37% |
| R2 | 0.514 | 1.86% |
| R1 | 0.509 | 0.92% |
| Price | 0.505 | |
| S1 | 0.494 | -2.11% |
| S2 | 0.489 | -3.04% |
| S3 | 0.482 | -4.56% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.546 | 8.21% |
| R2 | 0.530 | 5.05% |
| R1 | 0.528 | 4.66% |
| Price | 0.505 | |
| S1 | 0.475 | -5.85% |
| S2 | 0.420 | -16.81% |
| S3 | 0.400 | -20.69% |
FAQ
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