COP/ARS Currency Pair Forecast

Weaker technical forecast for COP/ARS as currency pair downgraded to Sell Candidate.
(Updated on Jun 20, 2024)

COPARS Signals & Forecast

The COP/ARS currency pair 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 currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately $0.219. On a fall, the currency pair will find some support from the long-term average at approximately $0.202. 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 Wednesday, May 22, 2024, and so far it has fallen -6.83%. 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 COP/ARS 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 controlled movements and therefore the general risk is considered 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 $0.0010 between high and low, or 0.462%. For the last week the currency pair has had daily average volatility of 0.482%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (COPARS) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect COP/ARS to open at $0.217, and during the day (based on 14 day Average True Range), to move between $0.210 and $0.224, which gives a possible trading interval of +/-$0.0070 (+/-3.24%) up or down from last closing price. If COP/ARS takes out the full calculated possible swing range there will be an estimated 6.49% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $0.222, some $0.0048 (2.19%) from the current price of $0.217, our system finds the risk reward not very attractive.

Is COP/ARS currency pair A Buy?

COP/ARS holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. 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 Hold/Accumulate to a Sell candidate.

Current score: -1.366 Sell Candidate Downgraded

Predicted Opening Price for COP/ARS of Friday, June 21, 2024

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