DKK/BGN Currency Pair Forecast
DKK/BGN currency pair downgraded to Sell Candidate
(Updated on May 31, 2024)
The DKK/BGN currency pair price fell by -0.0044% on the last day (Friday, 31st May 2024) from 0.261 лв to 0.261 лв. During the last trading day the currency pair fluctuated 0.138% from a day low at 0.261 лв to a day high of 0.261 лв. The price has been going up and down for this period, and there has been a 0.03% gain for the last 2 weeks. 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 -4 shares and in total, 26 shares were bought and sold for approximately 6.79 лв .
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at 0.261 лв will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect DKK/BGN currency pair with a 90% probability to be traded between 0.261 лв and 0.261 лв 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. 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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DKKBGN Signals & Forecast
The DKK/BGN 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 0.261 лв and 0.261 лв. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 30, 2024, and so far it has fallen -0.0044%. 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. The currency pair had a Golden Star Signal on Tuesday, May 28, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Tuesday, May 28, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for DKK/BGN currency pair
DKK/BGN finds support from accumulated volume at 0.261 лв 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 0.0004 лв between high and low, or 0.138%. For the last week the currency pair has had daily average volatility of 0.149%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DKKBGN) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect DKK/BGN to open at 0.261 лв, and during the day (based on 14 day Average True Range), to move between 0.261 лв and 0.262 лв, which gives a possible trading interval of +/-0.0004 лв (+/-0.15%) up or down from last closing price. If DKK/BGN takes out the full calculated possible swing range there will be an estimated 0.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 0.261 лв (0.00%) than the support at 0.261 лв (0.02%), 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 DKK/BGN currency pair A Buy?
DKK/BGN 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 Buy to a Sell candidate.
Current score: -1.004 Sell Candidate Downgraded
Predicted Opening Price for DKK/BGN of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| 0.261 лв ( 0.0438%) | 0.261 лв |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DKKBGN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.261 | 0.0942 % | |
| R2 | 0.261 | 0.0415 % | ||
| R1 | 0.261 | 0.0090 % | ||
| Current price: | 0.261 | |||
| Support | S1 | 0.261 | -0.0965 % | |
| S2 | 0.261 | -0.129 % | ||
| S3 | 0.261 | -0.182 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.261 | 0.0509 % | |
| R2 | 0.261 | 0.0280 % | ||
| R1 | 0.261 | 0.0045 % | ||
| Current price | 0.261 | |||
| Support | S1 | 0.261 | -0.0231% | |
| S2 | 0.261 | -0.0270% | ||
| S3 | 0.261 | -0.0273% |
FAQ
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