CNY/BGN Currency Pair Forecast

CNY/BGN currency pair upgraded to Buy Candidate.
(Updated on May 16, 2024)

CNYBGN Signals & Forecast

The CNY/BGN currency pair 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 0.255 лв and 0.257 лв. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.138%. Further rise is indicated until a new top pivot has been found. CNY/BGN has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Monday, March 25, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, December 01, 2023.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for CNY/BGN currency pair

CNY/BGN finds support from accumulated volume at 0.253 лв 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved 0.0021 лв between high and low, or 0.81%. For the last week the currency pair has had daily average volatility of 0.80%.

Our recommended stop-loss: 0.238 лв (-6.37%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)

Trading Expectations (CNYBGN) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect CNY/BGN to open at 0.254 лв, and during the day (based on 14 day Average True Range), to move between 0.252 лв and 0.256 лв, which gives a possible trading interval of +/-0.0023 лв (+/-0.89%) up or down from last closing price. If CNY/BGN takes out the full calculated possible swing range there will be an estimated 1.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 0.253 лв (0.34%) than the resistance at 0.256 лв (0.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is CNY/BGN currency pair A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.719 Buy Candidate Upgraded

Predicted Opening Price for CNY/BGN of Friday, May 17, 2024

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