COP/ARS Currency Pair Forecast
COP/ARS currency pair upgraded to Buy Candidate.
(Updated on Jun 25, 2024)
The COP/ARS currency pair price gained 1.53% on the last trading day (Tuesday, 25th Jun 2024), rising from $0.218 to $0.221. During the last trading day the currency pair fluctuated 0.787% from a day low at $0.221 to a day high of $0.223. The price has been going up and down for this period, and there has been a -3.4% loss 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, 9 more shares were traded than the day before. In total, 11 shares were bought and sold for approximately $2.44 .
The currency pair lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.230 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Due to the high volatility and the trend direction we are not able to give forecast range for this stock.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
COPARS Signals & Forecast
The COP/ARS 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 $0.219 and $0.201. A breakdown below any of these levels will issue sell signals. COP/ARS 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. 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 -5.00%. 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).
Support, Risk & Stop-loss for COP/ARS currency pair
COP/ARS finds support from accumulated volume at $0.220 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved $0.0017 between high and low, or 0.787%. For the last week, the currency pair has had daily average volatility of 0.405%.
Our recommended stop-loss: $0.209 (-5.48%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 31 days ago.)
Trading Expectations (COPARS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect COP/ARS to open at $0.222, and during the day (based on 14 day Average True Range), to move between $0.215 and $0.227, which gives a possible trading interval of +/-$0.0061 (+/-2.75%) up or down from last closing price. If COP/ARS takes out the full calculated possible swing range there will be an estimated 5.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.222 (0.22%) than the support at $0.220 (0.45%), 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 COP/ARS currency pair A Buy?
Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.151 Buy Candidate Upgraded
Predicted Opening Price for COP/ARS of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.222 ( 0.157%) | $0.221 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COPARS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.224 | 0.94% |
| R2 | 0.223 | 0.642% |
| R1 | 0.222 | 0.457% |
| Price | 0.221 | |
| S1 | 0.221 | -0.144% |
| S2 | 0.221 | -0.329% |
| S3 | 0.220 | -0.629% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.227 | 2.32% |
| R2 | 0.222 | 0.343% |
| R1 | 0.222 | 0.217% |
| Price | 0.221 | |
| S1 | 0.220 | -0.447% |
| S2 | 0.220 | -0.718% |
| S3 | 0.220 | -0.84% |
FAQ
Click here for our free guide on how to buy COP/ARS Currency pair.
