Victory Metals Limited Stock Forecast
Stronger technical forecast for Victory Metals Limited stock price after Thursday trading.
(Updated on Jun 27, 2024)
The Victory Metals Limited stock price fell by -2.94% on the last day (Thursday, 27th Jun 2024) from $0.340 to $0.330. During the last trading day the stock fluctuated 6.15% from a day low at $0.325 to a day high of $0.345. The price has been going up and down for this period, and there has been a 20% gain for the last 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 -37 thousand shares and in total, 155 thousand shares were bought and sold for approximately $51.29 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.341 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 18.73% during the next 3 months and, with a 90% probability hold a price between $0.301 and $0.405 at the end of this 3-month period.
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VTM.AX Signals & Forecast
The Victory Metals Limited 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 $0.306 and $0.272. 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 Wednesday, June 26, 2024, and so far it has fallen -2.94%. 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 Victory Metals Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.305 and $0.280. 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, Victory Metals Limited finds support just below today's level at $0.305. If this is broken, then the next support from accumulated volume will be at $0.280 and $0.250.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0200 between high and low, or 6.15%. For the last week the stock has had daily average volatility of 6.55%.
Our recommended stop-loss: $0.318 (-3.52%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (VTM.AX) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Victory Metals Limited to open at $0.333, and during the day (based on 14 day Average True Range), to move between $0.313 and $0.347, which gives a possible trading interval of +/-$0.0172 (+/-5.21%) up or down from last closing price. If Victory Metals Limited takes out the full calculated possible swing range there will be an estimated 10.42% 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 (3.03%) than the support at $0.305 (7.58%), 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 Victory Metals Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Victory Metals Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.313 Buy Candidate Upgraded
Predicted Opening Price for Victory Metals Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $0.333 ( 1.01%) | $0.330 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VTM.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.353 | 7.07% |
| R2 | 0.346 | 4.76% |
| R1 | 0.341 | 3.33% |
| Price | 0.330 | |
| S1 | 0.326 | -1.31% |
| S2 | 0.321 | -2.74% |
| S3 | 0.313 | -5.05% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.340 | 3.03% |
| Price | 0.330 | |
| S1 | 0.305 | -7.58% |
| S2 | 0.280 | -15.15% |
| S3 | 0.250 | -24.24% |
FAQ
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