Western Uranium Corp (New) Stock Forecast
Western Uranium Corp (New) stock price ended at $1.54 on Thursday, after gaining 4.98%.
(Updated on May 02, 2024)
The Western Uranium Corp (New) stock price gained 4.98% on the last trading day (Thursday, 2nd May 2024), rising from $1.47 to $1.54. During the last trading day the stock fluctuated 4.03% from a day low at $1.49 to a day high of $1.55. The price has been going up and down for this period, and there has been a 12.41% gain for the last 2 weeks. Volume fell on the last day by -46 thousand shares and in total, 46 thousand shares were bought and sold for approximately $70.35 thousand. 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 stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $1.52, a level that may pose a second chance to hit a runner. According to fan-theory $1.81 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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WSTRF Signals & Forecast
The Western Uranium Corp (New) 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 $1.43 and $1.41. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 17.58%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Western Uranium Corp (New) stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.39 and $1.38. 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, Western Uranium Corp (New) finds support just below today's level at $1.39. If this is broken, then the next support from accumulated volume will be at $1.38 and $1.37.
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 $0.0600 between high and low, or 4.03%. For the last week the stock has had daily average volatility of 7.64%.
Our recommended stop-loss: $1.49 (-3.28%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (WSTRF) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Western Uranium Corp (New) to open at $1.53, and during the day (based on 14 day Average True Range), to move between $1.44 and $1.64, which gives a possible trading interval of +/-$0.0966 (+/-6.27%) up or down from last closing price. If Western Uranium Corp (New) takes out the full calculated possible swing range there will be an estimated 12.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.55 (0.65%) than the support at $1.39 (9.74%), 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 Western Uranium Corp (New) stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 1.402 Buy Candidate Unchanged
Predicted Opening Price for Western Uranium Corp (New) of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $1.53 ( 0.87%) | $1.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WSTRF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.59 | 3.03 % | |
| R2 | 1.56 | 1.54 % | ||
| R1 | 1.55 | 0.623 % | ||
| Current price: | 1.54 | |||
| Support | S1 | 1.50 | -2.35 % | |
| S2 | 1.49 | -3.27 % | ||
| S3 | 1.47 | -4.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.65 | 7.14 % | |
| R2 | 1.60 | 3.90 % | ||
| R1 | 1.55 | 0.649 % | ||
| Current price | 1.54 | |||
| Support | S1 | 1.39 | -9.74% | |
| S2 | 1.38 | -10.39% | ||
| S3 | 1.37 | -11.04% |
FAQ
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