West Mining Corp. Stock Forecast
Evaluation of West Mining Corp. stock downgraded after the last trading session.
(Updated on Jun 25, 2024)
The West Mining Corp. stock price gained 0.498% on the last trading day (Tuesday, 25th Jun 2024), rising from $10.05 to $10.10. During the last trading day the stock fluctuated 1.00% from a day low at $10.01 to a day high of $10.11. The price has been going up and down for this period, and there has been a -0.3% loss for the last 2 weeks. Volume fell on the last day by -9 thousand shares and in total, 109 thousand shares were bought and sold for approximately $1.10 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect West Mining Corp. stock with a 90% probability to be traded between $9.78 and $10.83 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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WEST Signals & Forecast
There are mixed signals in the stock today. The West Mining Corp. 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 $10.36. On a fall, the stock will find some support from the short-term average at $9.99. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 3.80%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for West Mining Corp. stock
West Mining Corp. finds support from accumulated volume at $10.07 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.1000 between high and low, or 1.00%. For the last week the stock has had daily average volatility of 1.97%.
Our recommended stop-loss: $9.58 (-5.11%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (WEST) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect West Mining Corp. to open at $10.07, and during the day (based on 14 day Average True Range), to move between $9.88 and $10.32, which gives a possible trading interval of +/-$0.221 (+/-2.19%) up or down from last closing price. If West Mining Corp. takes out the full calculated possible swing range there will be an estimated 4.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $10.07 (0.30%) than the resistance at $10.50 (3.96%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is West Mining Corp. stock A Buy?
West Mining Corp. 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: 0.479 Hold/Accumulate Downgraded
Predicted Opening Price for West Mining Corp. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $10.07 ( 0.264%) | $10.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEST
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.17 | 0.726% |
| R2 | 10.14 | 0.348% |
| R1 | 10.11 | 0.114% |
| Price | 10.10 | |
| S1 | 10.04 | -0.642% |
| S2 | 10.01 | -0.88% |
| S3 | 9.97 | -1.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.67 | 5.64% |
| R2 | 10.59 | 4.85% |
| R1 | 10.50 | 3.96% |
| Price | 10.10 | |
| S1 | 10.07 | -0.297% |
| S2 | 9.97 | -1.29% |
| S3 | 9.90 | -1.98% |
FAQ
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