LYNAS CORPORATION Stock Forecast
Strong day for LYNAS CORPORATION stock price on Wednesday rising 5.58% to $4.16
(Updated on Apr 17, 2024)
The LYNAS CORPORATION stock price gained 5.58% on the last trading day (Wednesday, 17th Apr 2024), rising from $3.94 to $4.16. During the last trading day the stock fluctuated 5.26% from a day low at $3.99 to a day high of $4.20. The price has risen in 5 of the last 10 days and is up by 10.93% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 thousand more shares were traded than the day before. In total, 64 thousand shares were bought and sold for approximately $265.90 thousand.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $4.04 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $4.45 sometime during the next 3 months.
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LYSCF Signals & Forecast
Mostly positive signals in the chart today. The LYNAS CORPORATION 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 $3.97 and $3.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 14.54%. 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). LYNAS CORPORATION 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. Higher liquidity also reduces the general risk.
A buy signal from a double bottom formation was found on Wednesday, March 27, 2024 and based on theory for this formation the price should go up by 5.63% to $4.39 within 30 trading days since signal was issued (Thursday, April 18, 2024).
Support, Risk & Stop-loss for LYNAS CORPORATION stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.90 and $3.84. 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, LYNAS CORPORATION finds support just below today's level at $3.90. If this is broken, then the next support from accumulated volume will be at $3.84 and $3.75.
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 $0.210 between high and low, or 5.26%. For the last week, the stock has had daily average volatility of 4.09%.
Our recommended stop-loss: $4.00 (-3.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (LYSCF) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect LYNAS CORPORATION to open at $4.12, and during the day (based on 14 day Average True Range), to move between $3.99 and $4.33, which gives a possible trading interval of +/-$0.172 (+/-4.13%) up or down from last closing price. If LYNAS CORPORATION takes out the full calculated possible swing range there will be an estimated 8.26% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $3.90, some $0.260 (6.25%) from the current price of $4.16, our system finds the risk reward attractive.
Is LYNAS CORPORATION stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for LYNAS CORPORATION stock to perform well in the short-term period.
Current score: 1.729 Buy Candidate Unchanged
Predicted Opening Price for LYNAS CORPORATION of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $4.12 ( 1.04%) | $4.16 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LYSCF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.33 | 4.01 % | |
| R2 | 4.25 | 2.08 % | ||
| R1 | 4.20 | 0.89 % | ||
| Current price: | 4.16 | |||
| Support | S1 | 4.04 | -2.97 % | |
| S2 | 3.99 | -4.16 % | ||
| S3 | 3.91 | -6.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 4.16 | |||
| Support | S1 | 3.90 | -6.25% | |
| S2 | 3.84 | -7.69% | ||
| S3 | 3.75 | -9.86% |
FAQ
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