ARS/COP Currency Pair Forecast

Stronger technical forecast for ARS/COP currency pair price after Friday trading.
(Updated on May 17, 2024)

ARSCOP Signals & Forecast

The ARS/COP currency pair 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 $187.93 and $41.14. 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). 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 Wednesday, May 15, 2024, and so far it has fallen -0.642%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for ARS/COP currency pair

ARS/COP finds support from accumulated volume at $431.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This currency pair may move very much during the day (volatility) and with periodic low trading volume this currency pair is considered to be "very high risk". During the last day, the currency pair moved $1.31 between high and low, or 0.303%. For the last week the currency pair has had daily average volatility of 0.98%.

The ARS/COP currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the currency pair manages to break the trend before that occurs.

Our recommended stop-loss: $420.37 (-2.65%) (This currency pair has very high daily movements and this gives very high risk. The RSI14 is 99 and this increases the risk substantially. There is a sell signal from a pivot top found 30 days ago.)

Trading Expectations (ARSCOP) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect ARS/COP to open at $431.98, and during the day (based on 14 day Average True Range), to move between $404.63 and $458.97, which gives a possible trading interval of +/-$27.17 (+/-6.29%) up or down from last closing price. If ARS/COP takes out the full calculated possible swing range there will be an estimated 12.58% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $431.49 (0.07%) than the resistance at $434.59 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ARS/COP currency pair A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ARS/COP currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.368 Buy Candidate Upgraded

Predicted Opening Price for ARS/COP of Monday, May 20, 2024

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