Rare Element Resources Ltd. Stock Forecast
Rare Element Resources Ltd. stock downgraded to Strong Sell Candidate
(Updated on Mar 28, 2024)
The Rare Element Resources Ltd. stock price fell by -4.71% on the last day (Thursday, 28th Mar 2024) from $0.170 to $0.162. During the last trading day the stock fluctuated 5.59% from a day low at $0.161 to a day high of $0.170. The price has fallen in 6 of the last 10 days and is down by -21.01% 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 -191 thousand shares and in total, 127 thousand shares were bought and sold for approximately $20.57 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -41.85% during the next 3 months and, with a 90% probability hold a price between $0.0725 and $0.107 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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REEMF Signals & Forecast
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. The Rare Element Resources 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 $0.170 and $0.192. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 14, 2024, and so far it has fallen -21.01%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Rare Element Resources Ltd. stock
Rare Element Resources Ltd. finds support from accumulated volume at $0.161 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0090 between high and low, or 5.59%. For the last week the stock has had daily average volatility of 12.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (REEMF) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Rare Element Resources Ltd. to open at $0.164, and during the day (based on 14 day Average True Range), to move between $0.136 and $0.188, which gives a possible trading interval of +/-$0.0259 (+/-15.98%) up or down from last closing price. If Rare Element Resources Ltd. takes out the full calculated possible swing range there will be an estimated 31.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.161 (0.62%) than the resistance at $0.170 (4.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Rare Element Resources Ltd. stock A Buy?
Rare Element Resources Ltd. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.081 Strong Sell Candidate Downgraded
Predicted Opening Price for Rare Element Resources Ltd. of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$0.164 ( 1.44%) | $0.162 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REEMF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.173 | 7.00 % | |
R2 | 0.170 | 4.87 % | ||
R1 | 0.168 | 3.56 % | ||
Current price: | 0.162 | |||
Support | S1 | 0.161 | -0.682 % | |
S2 | 0.159 | -1.99 % | ||
S3 | 0.155 | -4.12 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.173 | 6.48 % | |
R2 | 0.170 | 5.19 % | ||
R1 | 0.170 | 4.94 % | ||
Current price | 0.162 | |||
Support | S1 | 0.161 | -0.617% | |
S2 | 0.160 | -1.23% | ||
S3 | 0.155 | -4.32% |
FAQ
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