COP/MXN Currency Pair Forecast
Red day on Thursday for COP/MXN
(Updated on May 16, 2024)
The COP/MXN currency pair price fell by -0.0913% on the last day (Thursday, 16th May 2024) from $0.0044 to $0.0044. During the last trading day the currency pair fluctuated 0.172% from a day low at $0.0044 to a day high of $0.0044. The price has fallen in 6 of the last 10 days and is down by -0.04% 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 -42 thousand shares and in total, 445 shares were bought and sold for approximately $1.94 .
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect COP/MXN currency pair with a 90% probability to be traded between $0.0043 and $0.0045 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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COPMXN Signals & Forecast
The COP/MXN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0043 and $0.0043. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 1.05%. 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. 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.
A buy signal from a double bottom formation was found on Monday, April 15, 2024 and based on theory for this formation the price should go up by 1.39% to $0.0044 within 21 trading days since signal was issued (Friday, May 17, 2024).
Support, Risk & Stop-loss for COP/MXN currency pair
COP/MXN finds support from accumulated volume at $0.0044 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 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 $0.0000075 between high and low, or 0.172%. For the last week the currency pair has had daily average volatility of 0.671%
Our recommended stop-loss: $0.0041 (-5.78%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (COPMXN) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect COP/MXN to open at $0.0044, and during the day (based on 14 day Average True Range), to move between $0.0043 and $0.0044, which gives a possible trading interval of +/-$0.00004240 (+/-0.97%) up or down from last closing price. If COP/MXN takes out the full calculated possible swing range there will be an estimated 1.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0044 (0.02%) than the resistance at $0.0044 (0.17%), 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/MXN currency pair A Buy?
COP/MXN 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.
Current score: 0.556 Hold/Accumulate Unchanged
Predicted Opening Price for COP/MXN of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $0.0044 ( 0.0314%) | $0.0044 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COPMXN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0044 | 0.141 % | |
| R2 | 0.0044 | 0.0750 % | ||
| R1 | 0.0044 | 0.0344 % | ||
| Current price: | 0.0044 | |||
| Support | S1 | 0.0044 | -0.0971 % | |
| S2 | 0.0043 | -0.138 % | ||
| S3 | 0.0043 | -0.204 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0044 | 1.44 % | |
| R2 | 0.0044 | 0.248 % | ||
| R1 | 0.0044 | 0.174 % | ||
| Current price | 0.0044 | |||
| Support | S1 | 0.0044 | -0.0188% | |
| S2 | 0.0044 | -0.117% | ||
| S3 | 0.0043 | -1.40% |
FAQ
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