Bright Green Corporation Stock Forecast
Big movements in Bright Green Corporation stock price on Thursday moving 15.02% between high and low
(Updated on Jun 27, 2024)
The Bright Green Corporation stock price gained 13.67% on the last trading day (Thursday, 27th Jun 2024), rising from $0.339 to $0.385. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 15.02% from a day low at $0.339 to a day high of $0.390. The price has risen in 6 of the last 10 days and is up by 33.72% over the past 2 weeks. Volume fell on the last day by -806 thousand shares and in total, 1 million shares were bought and sold for approximately $515.52 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.399 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 24.70% during the next 3 months and, with a 90% probability hold a price between $0.338 and $0.498 at the end of this 3-month period.
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BGXX Signals & Forecast
The Bright Green Corporation stock 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 $0.311 and $0.263. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 47.49%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Bright Green Corporation stock
Bright Green Corporation finds support from accumulated volume at $0.380 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0509 between high and low, or 15.02%. For the last week the stock has had daily average volatility of 14.42%.
Our recommended stop-loss: $0.372 (-3.38%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (BGXX) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Bright Green Corporation to open at $0.371, and during the day (based on 14 day Average True Range), to move between $0.343 and $0.427, which gives a possible trading interval of +/-$0.0416 (+/-10.81%) up or down from last closing price. If Bright Green Corporation takes out the full calculated possible swing range there will be an estimated 21.63% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.380, some $0.0051 (1.32%) from the current price of $0.385, our system finds the risk reward attractive.
Is Bright Green Corporation stock A Buy?
Bright Green Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Bright Green Corporation of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $0.371 ( 3.61%) | $0.385 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGXX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.422 | 9.61% |
| R2 | 0.403 | 4.56% |
| R1 | 0.391 | 1.44% |
| Price | 0.385 | |
| S1 | 0.352 | -8.66% |
| S2 | 0.340 | -11.78% |
| S3 | 0.320 | -16.83% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.385 | |
| S1 | 0.380 | -1.32% |
| S2 | 0.351 | -8.85% |
| S3 | 0.295 | -23.37% |
FAQ
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