CNY/CLP Currency Pair Forecast
CNY/CLP currency pair price ended at $126.77 on Friday, after losing 0.81%.
(Updated on May 17, 2024)
The CNY/CLP currency pair price fell by -0.81% on the last day (Friday, 17th May 2024) from $127.81 to $126.77. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 1.46% from a day low at $124.94 to a day high of $126.77. The price has fallen in 7 of the last 10 days and is down by -5.15% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -1 shares and in total, 2 shares were bought and sold for approximately $253.53 .
The currency pair has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($127.49) are considered to be a "second chance" to get out. According to the fan-theory $118.97 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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CNYCLP Signals & Forecast
There are few to no technical positive signals at the moment. The CNY/CLP 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 $128.75 and $132.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -6.46%. 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). 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 CNY/CLP currency pair
There is no support from accumulated volume below today's level and given the right condition the currency pair may perform very badly in the next couple of days.
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 $1.82 between high and low, or 1.46%. For the last week the currency pair has had daily average volatility of 1.15%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNYCLP) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect CNY/CLP to open at $126.16, and during the day (based on 14 day Average True Range), to move between $124.24 and $129.29, which gives a possible trading interval of +/-$2.52 (+/-1.99%) up or down from last closing price. If CNY/CLP takes out the full calculated possible swing range there will be an estimated 3.98% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $132.48, some $5.72 (4.51%) from the current price of $126.77, our system finds the risk reward not very attractive.
Is CNY/CLP currency pair A Buy?
CNY/CLP holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -3.639 Sell Candidate Unchanged
Predicted Opening Price for CNY/CLP of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$126.16 ( 0.479%) | $126.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNYCLP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 127.98 | 0.96 % | |
R2 | 127.28 | 0.409 % | ||
R1 | 126.85 | 0.0699 % | ||
Current price: | 126.77 | |||
Support | S1 | 125.46 | -1.03 % | |
S2 | 125.03 | -1.37 % | ||
S3 | 124.34 | -1.92 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 136.76 | 7.88 % | |
R2 | 134.66 | 6.22 % | ||
R1 | 132.48 | 4.51 % | ||
Current price | 126.77 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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