Banyan Gold Corp. Stock Forecast
Weaker technical forecast for Banyan Gold Corp. as stock downgraded to Hold/Accumulate.
(Updated on May 16, 2024)
The Banyan Gold Corp. stock price fell by -0.681% on the last day (Thursday, 16th May 2024) from $0.229 to $0.228. During the last trading day the stock fluctuated 2.24% from a day low at $0.224 to a day high of $0.229. The price has been going up and down for this period, and there has been a -8.41% loss for the last 2 weeks. 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 -40 thousand shares and in total, 41 thousand shares were bought and sold for approximately $9.31 thousand.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.218 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Banyan Gold Corp. stock with a 90% probability to be traded between $0.219 and $0.280 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BYAGF Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 10, 2024, and so far it has risen 4.66%. 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. The Banyan Gold Corp. 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 $0.231 and $0.236. 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). 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 Banyan Gold Corp. stock
Banyan Gold Corp. finds support from accumulated volume at $0.225 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0050 between high and low, or 2.24%. For the last week the stock has had daily average volatility of 2.51%.
Our recommended stop-loss: $0.214 (-5.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (BYAGF) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Banyan Gold Corp. to open at $0.227, and during the day (based on 14 day Average True Range), to move between $0.217 and $0.238, which gives a possible trading interval of +/-$0.0106 (+/-4.65%) up or down from last closing price. If Banyan Gold Corp. takes out the full calculated possible swing range there will be an estimated 9.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.225 (1.05%) than the resistance at $0.250 (9.82%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Banyan Gold Corp. stock A Buy?
Banyan Gold Corp. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.858 Hold/Accumulate Downgraded
Predicted Opening Price for Banyan Gold Corp. of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $0.227 ( 0.480%) | $0.228 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BYAGF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.232 | 1.72 % | |
| R2 | 0.230 | 0.88 % | ||
| R1 | 0.228 | 0.359 % | ||
| Current price: | 0.228 | |||
| Support | S1 | 0.225 | -1.32 % | |
| S2 | 0.223 | -1.84 % | ||
| S3 | 0.222 | -2.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.270 | 18.48 % | |
| R2 | 0.254 | 11.56 % | ||
| R1 | 0.250 | 9.82 % | ||
| Current price | 0.228 | |||
| Support | S1 | 0.225 | -1.05% | |
| S2 | 0.223 | -2.06% | ||
| S3 | 0.218 | -4.45% |
FAQ
Click here for our free guide on how to buy Banyan Gold Corp. Stock.
