COP/CLP Currency Pair Forecast
COP/CLP currency pair price ended at $0.224 on Thursday, after losing 1.10%.
(Updated on Jun 20, 2024)
The COP/CLP currency pair price fell by -1.10% on the last day (Thursday, 20th Jun 2024) from $0.227 to $0.224. During the last trading day the currency pair fluctuated 1.21% from a day low at $0.223 to a day high of $0.226. The price has fallen in 7 of the last 10 days and is down by -3.07% 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 -80 shares and in total, 292 shares were bought and sold for approximately $65.47 .
The currency pair lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the currency pair is expected to fall -11.28% during the next 3 months and, with a 90% probability hold a price between $0.195 and $0.206 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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COPCLP Signals & Forecast
A buy signal was issued from a pivot bottom point on Sunday, June 16, 2024, and so far it has risen 1.37%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The COP/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 $0.225 and $0.233. 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). 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/CLP currency pair
COP/CLP finds support from accumulated volume at $0.223 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 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 $0.0027 between high and low, or 1.21%. For the last week the currency pair has had daily average volatility of 1.75%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (COPCLP) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect COP/CLP to open at $0.224, and during the day (based on 14 day Average True Range), to move between $0.220 and $0.229, which gives a possible trading interval of +/-$0.0046 (+/-2.07%) up or down from last closing price. If COP/CLP takes out the full calculated possible swing range there will be an estimated 4.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.223 (0.76%) than the resistance at $0.227 (1.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is COP/CLP currency pair A Buy?
COP/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: -2.796 Sell Candidate Unchanged
Predicted Opening Price for COP/CLP of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $0.224 ( 0.0743%) | $0.224 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COPCLP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.227 | 1.28% |
| R2 | 0.226 | 0.82% |
| R1 | 0.225 | 0.534% |
| Price | 0.224 | |
| S1 | 0.223 | -0.386% |
| S2 | 0.223 | -0.670% |
| S3 | 0.222 | -1.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.256 | 14.18% |
| R2 | 0.227 | 1.29% |
| R1 | 0.227 | 1.12% |
| Price | 0.224 | |
| S1 | 0.223 | -0.758% |
| S2 | 0.221 | -1.35% |
| S3 | 0 | - |
FAQ
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