NovaCopper Inc Stock Forecast
Big movements in NovaCopper Inc stock price on Friday moving 12.71% between high and low
(Updated on Apr 19, 2024)
The NovaCopper Inc stock price gained 5.79% on the last trading day (Friday, 19th Apr 2024), rising from $0.373 to $0.395. During the last trading day the stock fluctuated 12.71% from a day low at $0.350 to a day high of $0.395. The price has been going up and down for this period, and there has been a -18.15% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 27 thousand more shares were traded than the day before. In total, 579 thousand shares were bought and sold for approximately $228.51 thousand.
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 $0.373 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -2.01% during the next 3 months and, with a 90% probability hold a price between $0.365 and $0.590 at the end of this 3-month period.
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TMQ Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 5.79%. Further rise is indicated until a new top pivot has been found. NovaCopper Inc 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NovaCopper Inc 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 $0.462 and $0.475. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for NovaCopper Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.373. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
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 $0.0445 between high and low, or 12.71%. For the last week, the stock has had daily average volatility of 18.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TMQ) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect NovaCopper Inc to open at $0.380, and during the day (based on 14 day Average True Range), to move between $0.346 and $0.443, which gives a possible trading interval of +/-$0.0489 (+/-12.39%) up or down from last closing price. If NovaCopper Inc takes out the full calculated possible swing range there will be an estimated 24.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.400 (1.42%) than the support at $0.373 (5.48%), 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 NovaCopper Inc stock A Buy?
NovaCopper Inc 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.964 Sell Candidate Upgraded
Predicted Opening Price for NovaCopper Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.380 ( 3.76%) | $0.395 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TMQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.424 | 7.52 % | |
| R2 | 0.407 | 3.21 % | ||
| R1 | 0.397 | 0.549 % | ||
| Current price: | 0.395 | |||
| Support | S1 | 0.363 | -8.07 % | |
| S2 | 0.352 | -10.73 % | ||
| S3 | 0.335 | -15.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.477 | 20.89 % | |
| R2 | 0.439 | 11.28 % | ||
| R1 | 0.400 | 1.42 % | ||
| Current price | 0.395 | |||
| Support | S1 | 0.373 | -5.48% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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