Premier African Minerals Ltd Stock Forecast
Volatile ride for Premier African Minerals Ltd stock price on Thursday moving between £0.180 and £0.200
(Updated on Apr 18, 2024)
The Premier African Minerals Ltd stock price fell by -0.794% on the last day (Thursday, 18th Apr 2024) from £0.189 to £0.188. During the last trading day the stock fluctuated 11.11% from a day low at £0.180 to a day high of £0.200. The price has fallen in 7 of the last 10 days and is down by -18.48% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -171 million shares and in total, 168 million shares were bought and sold for approximately £31.53 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £0.180 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -11.96% during the next 3 months and, with a 90% probability hold a price between £0.158 and £0.287 at the end of this 3-month period.
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PREM.L Signals & Forecast
There are mixed signals in the stock today. The Premier African Minerals Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.190 and £0.253. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 3.02%. 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).
Support, Risk & Stop-loss for Premier African Minerals Ltd stock
Premier African Minerals Ltd finds support from accumulated volume at £0.185 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved £0.0200 between high and low, or 11.11%. For the last week, the stock has had daily average volatility of 11.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PREM.L) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Premier African Minerals Ltd to open at £0.189, and during the day (based on 14 day Average True Range), to move between £0.155 and £0.220, which gives a possible trading interval of +/-£0.0325 (+/-17.31%) up or down from last closing price. If Premier African Minerals Ltd takes out the full calculated possible swing range there will be an estimated 34.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.185 (1.33%) than the resistance at £0.193 (2.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Premier African Minerals Ltd stock A Buy?
Premier African Minerals Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.773 Sell Candidate Upgraded
Predicted Opening Price for Premier African Minerals Ltd of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| £0.189 ( 0.89%) | £0.188 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PREM.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.209 | 11.56 % | |
| R2 | 0.202 | 7.48 % | ||
| R1 | 0.197 | 4.96 % | ||
| Current price: | 0.188 | |||
| Support | S1 | 0.182 | -3.19 % | |
| S2 | 0.177 | -5.70 % | ||
| S3 | 0.169 | -9.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.230 | 22.67 % | |
| R2 | 0.205 | 9.33 % | ||
| R1 | 0.193 | 2.93 % | ||
| Current price | 0.188 | |||
| Support | S1 | 0.185 | -1.33% | |
| S2 | 0.182 | -2.93% | ||
| S3 | 0 | . |
FAQ
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