WA1 Resources Ltd Stock Forecast
WA1 Resources Ltd stock price up more than 6.12% on Tuesday
(Updated on May 07, 2024)
The WA1 Resources Ltd stock price gained 6.12% on the last trading day (Tuesday, 7th May 2024), rising from $17.81 to $18.90. During the last trading day the stock fluctuated 7.11% from a day low at $17.72 to a day high of $18.98. The price has been going up and down for this period, and there has been a 11.18% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 213 thousand more shares were traded than the day before. In total, 421 thousand shares were bought and sold for approximately $7.95 million.
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 $19.24 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 71.26% during the next 3 months and, with a 90% probability hold a price between $24.29 and $32.94 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
WA1.AX Signals & Forecast
The WA1 Resources Ltd 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 $17.91 and $14.95. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 74.19%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for WA1 Resources Ltd stock
WA1 Resources Ltd finds support from accumulated volume at $18.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.26 between high and low, or 7.11%. For the last week, the stock has had daily average volatility of 6.33%.
Our recommended stop-loss: $18.22 (-3.60%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (WA1.AX) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect WA1 Resources Ltd to open at $18.53, and during the day (based on 14 day Average True Range), to move between $17.89 and $19.91, which gives a possible trading interval of +/-$1.01 (+/-5.34%) up or down from last closing price. If WA1 Resources Ltd takes out the full calculated possible swing range there will be an estimated 10.69% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $18.32, some $0.580 (3.07%) from the current price of $18.90, our system finds the risk reward attractive.
Is WA1 Resources Ltd stock A Buy?
WA1 Resources Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.842 Strong Buy Candidate Upgraded
Predicted Opening Price for WA1 Resources Ltd of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $18.53 ( 1.94%) | $18.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WA1.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.79 | 4.73 % | |
| R2 | 19.31 | 2.18 % | ||
| R1 | 19.01 | 0.607 % | ||
| Current price: | 18.90 | |||
| Support | S1 | 18.05 | -4.49 % | |
| S2 | 17.75 | -6.06 % | ||
| S3 | 17.27 | -8.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 18.90 | |||
| Support | S1 | 18.32 | -3.07% | |
| S2 | 17.26 | -8.68% | ||
| S3 | 14.32 | -24.23% |
FAQ
Click here for our free guide on how to buy WA1 Resources Ltd Stock.
