Fortuna Silver Mines Inc Stock Forecast
Red day on Monday for Fortuna Silver Mines Inc stock after losing 3.44%
(Updated on Apr 22, 2024)
The Fortuna Silver Mines Inc stock price fell by -3.44% on the last day (Monday, 22nd Apr 2024) from $4.65 to $4.49. During the last trading day the stock fluctuated 6.86% from a day low at $4.29 to a day high of $4.59. The price has fallen in 6 of the last 10 days and is down by -4.06% for this period. Volume has increased on the last day by 418 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, 6 million shares were bought and sold for approximately $25.22 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 61.05% during the next 3 months and, with a 90% probability hold a price between $6.10 and $8.18 at the end of this 3-month period.
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FSM Signals & Forecast
A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -6.46%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Fortuna Silver Mines Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $4.56. On a fall, the stock will find some support from the long-term average at approximately $3.90. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for Fortuna Silver Mines Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.02 and $3.44. 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, Fortuna Silver Mines Inc finds support just below today's level at $4.02. If this is broken, then the next support from accumulated volume will be at $3.44 and $3.39.
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 $0.294 between high and low, or 6.86%. For the last week, the stock has had daily average volatility of 4.64%.
Our recommended stop-loss: $4.30 (-4.14%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (FSM) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Fortuna Silver Mines Inc to open at $4.46, and during the day (based on 14 day Average True Range), to move between $4.26 and $4.72, which gives a possible trading interval of +/-$0.228 (+/-5.09%) up or down from last closing price. If Fortuna Silver Mines Inc takes out the full calculated possible swing range there will be an estimated 10.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.53 (0.89%) than the support at $4.02 (10.47%), 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 Fortuna Silver Mines Inc stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 2.367 Buy Candidate Unchanged
Predicted Opening Price for Fortuna Silver Mines Inc of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $4.46 ( 0.774%) | $4.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FSM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.75 | 5.78 % | |
| R2 | 4.64 | 3.28 % | ||
| R1 | 4.57 | 1.73 % | ||
| Current price: | 4.49 | |||
| Support | S1 | 4.34 | -3.28 % | |
| S2 | 4.27 | -4.82 % | ||
| S3 | 4.16 | -7.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.61 | 2.67 % | |
| R2 | 4.57 | 1.78 % | ||
| R1 | 4.53 | 0.89 % | ||
| Current price | 4.49 | |||
| Support | S1 | 4.02 | -10.47% | |
| S2 | 3.44 | -23.39% | ||
| S3 | 3.39 | -24.50% |
FAQ
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