COP/ZAR Currency Pair Forecast

Weaker technical forecast for COP/ZAR as currency pair downgraded to Sell Candidate.
(Updated on May 10, 2024)

COPZAR Signals & Forecast

There are few to no technical positive signals at the moment. The COP/ZAR 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 R 0.0047 and R 0.0048. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -4.49%. 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/ZAR 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 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 R 0.00005639 between high and low, or 1.21%. For the last week the currency pair has had daily average volatility of 0.367%

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

Trading Expectations (COPZAR) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect COP/ZAR to open at R 0.0047, and during the day (based on 14 day Average True Range), to move between R 0.0047 and R 0.0048, which gives a possible trading interval of +/-R 0.00004976 (+/-1.05%) up or down from last closing price. If COP/ZAR takes out the full calculated possible swing range there will be an estimated 2.10% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ R 0.0048, some R 0.0001 (2.41%) from the current price of R 0.0047, our system finds the risk reward not very attractive.

Is COP/ZAR currency pair A Buy?

COP/ZAR holds several negative signals and is within a narrow and 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. 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: -1.221 Sell Candidate Downgraded

Predicted Opening Price for COP/ZAR of Monday, May 13, 2024

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