Novo Resources Corp Stock Forecast

Evaluation of Novo Resources Corp stock downgraded after the last trading session.
(Updated on Apr 22, 2024)

NSRPF Signals & Forecast

The Novo Resources Corp 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 $0.111 and $0.103. 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). Novo Resources Corp 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. 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, April 04, 2024, and so far it has fallen -14.31%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Novo Resources Corp stock

Novo Resources Corp finds support from accumulated volume at $0.114 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.0045 between high and low, or 4.07%. For the last week, the stock has had daily average volatility of 7.86%.

Our recommended stop-loss: $0.108 (-5.82%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 12 days ago.)

Trading Expectations (NSRPF) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Novo Resources Corp to open at $0.114, and during the day (based on 14 day Average True Range), to move between $0.104 and $0.126, which gives a possible trading interval of +/-$0.0111 (+/-9.66%) up or down from last closing price. If Novo Resources Corp takes out the full calculated possible swing range there will be an estimated 19.33% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.114 (1.13%) than the resistance at $0.122 (6.09%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Novo Resources Corp stock A Buy?

Novo Resources Corp 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.162 Hold/Accumulate Downgraded

Predicted Opening Price for Novo Resources Corp of Tuesday, April 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.