Savannah Resources Plc Stock Forecast
Savannah Resources Plc stock price ended at £3.33 on Monday, after losing 0.597%.
(Updated on Apr 22, 2024)
The Savannah Resources Plc stock price fell by -0.597% on the last day (Monday, 22nd Apr 2024) from £3.35 to £3.33. During the last trading day the stock fluctuated 3.03% from a day low at £3.30 to a day high of £3.40. The price has fallen in 4 of the last 10 days but is still up by 0.91% over the past 2 weeks. Volume has increased on the last day by 692 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, 2 million shares were bought and sold for approximately £5.43 million.
The stock lies in the middle of a 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 153.92% during the next 3 months and, with a 90% probability hold a price between £7.67 and £9.12 at the end of this 3-month period.
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SAV.L Signals & Forecast
The Savannah Resources Plc 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 £3.38. On a fall, the stock will find some support from the long-term average at approximately £3.01. 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. 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 Tuesday, April 16, 2024, and so far it has fallen -3.48%. 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.
Support, Risk & Stop-loss for Savannah Resources Plc stock
Savannah Resources Plc finds support from accumulated volume at £3.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £0.100 (3.03%) between high and low. For the last week, the stock has had daily average volatility of 5.33%.
Our recommended stop-loss: £3.19 (-4.13%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SAV.L) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Savannah Resources Plc to open at £3.34, and during the day (based on 14 day Average True Range), to move between £3.12 and £3.54, which gives a possible trading interval of +/-£0.207 (+/-6.20%) up or down from last closing price. If Savannah Resources Plc takes out the full calculated possible swing range there will be an estimated 12.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £3.35 (0.60%) than the support at £3.30 (0.90%), 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 Savannah Resources Plc stock A Buy?
Savannah Resources Plc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.863 Hold/Accumulate Unchanged
Predicted Opening Price for Savannah Resources Plc of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| £3.34 ( 0.400%) | £3.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SAV.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.44 | 3.40 % | |
| R2 | 3.41 | 2.26 % | ||
| R1 | 3.38 | 1.55 % | ||
| Current price: | 3.33 | |||
| Support | S1 | 3.31 | -0.747 % | |
| S2 | 3.28 | -1.46 % | ||
| S3 | 3.24 | -2.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.45 | 3.60 % | |
| R2 | 3.40 | 2.10 % | ||
| R1 | 3.35 | 0.601 % | ||
| Current price | 3.33 | |||
| Support | S1 | 3.30 | -0.90% | |
| S2 | 3.20 | -3.90% | ||
| S3 | 2.80 | -15.92% |
FAQ
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