West African Resources Limited Stock Forecast
West African Resources Limited stock price up more than 10.10% on Monday
(Updated on Jun 24, 2024)
The West African Resources Limited stock price gained 10.10% on the last trading day (Monday, 24th Jun 2024), rising from $0.99 to $1.09. During the last trading day the stock fluctuated 0% from a day low at $1.09 to a day high of $1.09. The price has been going up and down for this period, and there has been a 10.1% 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, 400 more shares were traded than the day before. In total, 400 shares were bought and sold for approximately $436.00 .
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 $1.11 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 28.97% during the next 3 months and, with a 90% probability hold a price between $0.730 and $1.43 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.
WFRSF Signals & Forecast
The West African Resources 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 $1.00 and $0.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 23, 2024, and so far it has risen 142.22%. 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). West African Resources Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for West African Resources Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.97 and $0.93. 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, West African Resources Limited finds support just below today's level at $0.97. If this is broken, then the next support from accumulated volume will be at $0.93 and $0.82.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0%.
Our recommended stop-loss: $1.05 (-4.00%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (WFRSF) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect West African Resources Limited to open at $1.09, and during the day (based on 14 day Average True Range), to move between $1.04 and $1.14, which gives a possible trading interval of +/-$0.0533 (+/-4.89%) up or down from last closing price. If West African Resources Limited takes out the full calculated possible swing range there will be an estimated 9.79% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.97, some $0.122 (11.17%) from the current price of $1.09, our system finds the risk reward attractive.
Is West African Resources Limited stock A Buy?
West African Resources Limited 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for West African Resources Limited of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| $1.09 ( 0%) | $1.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WFRSF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.09 | - |
| R2 | 1.09 | - |
| R1 | 1.09 | - |
| Price | 1.09 | |
| S1 | 1.09 | - |
| S2 | 1.09 | - |
| S3 | 1.09 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 1.09 | |
| S1 | 0.97 | -11.17% |
| S2 | 0.93 | -14.68% |
| S3 | 0.82 | -24.77% |
FAQ
Click here for our free guide on how to buy West African Resources Limited Stock.
