CLP/PEN Currency Pair Forecast

CLP/PEN currency pair downgraded to Hold/Accumulate
(Updated on May 08, 2024)

CLPPEN Signals & Forecast

The CLP/PEN 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 $0.0040 and $0.0039. 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 Tuesday, May 07, 2024, and so far it has fallen -0.623%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair 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 CLP/PEN currency pair

CLP/PEN finds support from accumulated volume at $0.0039 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $0.00005528 between high and low, or 1.41%. For the last week the currency pair has had daily average volatility of 1.85%

Our recommended stop-loss: $0.0038 (-4.04%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (CLPPEN) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect CLP/PEN to open at $0.0040, and during the day (based on 14 day Average True Range), to move between $0.0039 and $0.0041, which gives a possible trading interval of +/-$0.00007362 (+/-1.85%) up or down from last closing price. If CLP/PEN takes out the full calculated possible swing range there will be an estimated 3.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0040 (0.01%) than the support at $0.0039 (1.58%), 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 CLP/PEN currency pair A Buy?

CLP/PEN 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 currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.199 Hold/Accumulate Downgraded

Predicted Opening Price for CLP/PEN of Thursday, May 9, 2024

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