Western Uranium Corp (New) Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Western Uranium Corp (New) stock price ended at $1.53 on Friday, after losing 0.649%.
(Updated on May 03, 2024)
The Western Uranium Corp (New) stock price fell by -0.649% on the last day (Friday, 3rd May 2024) from $1.54 to $1.53. During the last trading day the stock fluctuated 7.17% from a day low at $1.47 to a day high of $1.57. The price has been going up and down for this period, and there has been a 12.85% gain for the last 2 weeks. Volume has increased on the last day by 21 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 66 thousand shares were bought and sold for approximately $101.56 thousand.
The stock lies the upper part of a wide and falling 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 $1.54 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -7.13% during the next 3 months and, with a 90% probability hold a price between $1.14 and $1.43 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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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 $1.46 and $1.41. 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 Thursday, May 02, 2024, and so far it has fallen -0.649%. Further fall is indicated until a new bottom pivot has been found. Western Uranium Corp (New) gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.105 between high and low, or 7.17%. For the last week, the stock has had daily average volatility of 7.10%.
Our recommended stop-loss: $1.48 (-2.99%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (WSTRF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Western Uranium Corp (New) to open at $1.52, and during the day (based on 14 day Average True Range), to move between $1.43 and $1.63, which gives a possible trading interval of +/-$0.0972 (+/-6.35%) 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 12.70% 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 (1.31%) than the support at $1.39 (9.15%), 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, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.550 Buy Candidate Unchanged
Predicted Opening Price for Western Uranium Corp (New) of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.52 ( 0.545%) | $1.53 |
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 | 1.63 | 6.32 % | |
| R2 | 1.59 | 3.70 % | ||
| R1 | 1.56 | 2.08 % | ||
| Current price: | 1.53 | |||
| Support | S1 | 1.48 | -3.17 % | |
| S2 | 1.46 | -4.79 % | ||
| S3 | 1.42 | -7.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.65 | 7.84 % | |
| R2 | 1.60 | 4.58 % | ||
| R1 | 1.55 | 1.31 % | ||
| Current price | 1.53 | |||
| Support | S1 | 1.39 | -9.15% | |
| S2 | 1.38 | -9.80% | ||
| S3 | 1.37 | -10.46% |
FAQ
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