Chesapeake Gold Corp Stock Forecast
Chesapeake Gold Corp stock downgraded to Hold/Accumulate
(Updated on May 03, 2024)
The Chesapeake Gold Corp stock price fell by -3.53% on the last day (Friday, 3rd May 2024) from $1.78 to $1.72. During the last trading day the stock fluctuated 3.23% from a day low at $1.71 to a day high of $1.76. The price has risen in 6 of the last 10 days but is still down by -4.97% for this period. Volume has increased on the last day by 29 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, 32 thousand shares were bought and sold for approximately $55.86 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.66 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 43.68% during the next 3 months and, with a 90% probability hold a price between $2.38 and $2.97 at the end of this 3-month period.
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CHPGF Signals & Forecast
The Chesapeake Gold Corp 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 $1.75. On a fall, the stock will find some support from the long-term average at approximately $1.65. 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 Friday, April 05, 2024, and so far it has fallen -7.63%. 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). Chesapeake Gold Corp gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Chesapeake Gold Corp stock
Chesapeake Gold Corp finds support from accumulated volume at $1.68 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0550 between high and low, or 3.23%. For the last week, the stock has had daily average volatility of 3.71%.
Our recommended stop-loss: $1.67 (-2.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (CHPGF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Chesapeake Gold Corp to open at $1.73, and during the day (based on 14 day Average True Range), to move between $1.64 and $1.80, which gives a possible trading interval of +/-$0.0836 (+/-4.86%) up or down from last closing price. If Chesapeake Gold Corp takes out the full calculated possible swing range there will be an estimated 9.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.73 (0.41%) than the support at $1.68 (2.41%), 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 Chesapeake Gold Corp stock A Buy?
Chesapeake 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: 0.919 Hold/Accumulate Downgraded
Predicted Opening Price for Chesapeake Gold Corp of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.73 ( 0.484%) | $1.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHPGF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.78 | 3.68 % | |
| R2 | 1.76 | 2.46 % | ||
| R1 | 1.75 | 1.71 % | ||
| Current price: | 1.72 | |||
| Support | S1 | 1.71 | -0.737 % | |
| S2 | 1.69 | -1.49 % | ||
| S3 | 1.67 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.82 | 5.81 % | |
| R2 | 1.75 | 1.74 % | ||
| R1 | 1.73 | 0.407 % | ||
| Current price | 1.72 | |||
| Support | S1 | 1.68 | -2.41% | |
| S2 | 1.63 | -5.47% | ||
| S3 | 1.62 | -5.81% |
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