Cobra Resources Plc Stock Forecast
Stronger technical forecast for Cobra Resources Plc stock price after Friday trading.
(Updated on Jun 28, 2024)
The Cobra Resources Plc stock price gained 0.426% on the last trading day (Friday, 28th Jun 2024), rising from £1.18 to £1.18. During the last trading day the stock fluctuated 4.42% from a day low at £1.13 to a day high of £1.18. The price has been going up and down for this period, and there has been a 2.61% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 87 thousand more shares were traded than the day before. In total, 87 thousand shares were bought and sold for approximately £103.18 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 £1.14 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 19.20% during the next 3 months and, with a 90% probability hold a price between £1.35 and £1.68 at the end of this 3-month period.
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COBR.L Signals & Forecast
There are mixed signals in the stock today. The Cobra Resources Plc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at £1.20. On a fall, the stock will find some support from the short-term average at £1.17. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, May 30, 2024, and so far it has fallen -11.28%. 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). Cobra Resources Plc 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. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Cobra Resources Plc stock
Cobra Resources Plc finds support from accumulated volume at £1.15 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 £0.0500 between high and low, or 4.42%. For the last week, the stock has had daily average volatility of 2.95%.
Our recommended stop-loss: £1.11 (-6.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 36 days ago.)
Trading Expectations (COBR.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Cobra Resources Plc to open at £1.16, and during the day (based on 14 day Average True Range), to move between £1.13 and £1.23, which gives a possible trading interval of +/-£0.0523 (+/-4.43%) up or down from last closing price. If Cobra Resources Plc takes out the full calculated possible swing range there will be an estimated 8.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £1.20 (1.69%) than the support at £1.15 (2.54%), 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 Cobra Resources Plc stock A Buy?
Cobra Resources Plc 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Cobra Resources Plc of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £1.16 ( 1.41%) | £1.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COBR.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.21 | 2.82% |
| R2 | 1.19 | 1.21% |
| R1 | 1.18 | 0.206% |
| Price | 1.18 | |
| S1 | 1.14 | -3.03% |
| S2 | 1.13 | -4.03% |
| S3 | 1.11 | -5.65% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.30 | 10.17% |
| R2 | 1.24 | 5.08% |
| R1 | 1.20 | 1.69% |
| Price | 1.18 | |
| S1 | 1.15 | -2.54% |
| S2 | 1.13 | -4.24% |
| S3 | 1.05 | -11.02% |
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