Equinox Gold Corp Stock Forecast
A very red day for Equinox Gold Corp stock price after a -8.57% fall in the Wednesday trading session
(Updated on Apr 24, 2024)
The Equinox Gold Corp stock price fell by -8.57% on the last day (Wednesday, 24th Apr 2024) from $5.72 to $5.23. During the last trading day the stock fluctuated 2.70% from a day low at $5.18 to a day high of $5.32. The price has fallen in 6 of the last 10 days and is down by -11.66% for this period. Volume has increased on the last day by 18 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 20 million shares were bought and sold for approximately $106.62 million.
Given the current short-term trend, the stock is expected to rise 43.62% during the next 3 months and, with a 90% probability hold a price between $7.51 and $10.06 at the end of this 3-month period.
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EQX Signals & Forecast
There are few to no technical positive signals at the moment. The Equinox Gold Corp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $5.74 and $5.59. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -19.41%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Equinox Gold Corp stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.61 and $4.57. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Equinox Gold Corp finds support just below today's level at $4.61. If this is broken, then the next support from accumulated volume will be at $4.57 and $4.15.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.140 between high and low, or 2.70%. For the last week, the stock has had daily average volatility of 3.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EQX) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Equinox Gold Corp to open at $5.24, and during the day (based on 14 day Average True Range), to move between $4.95 and $5.51, which gives a possible trading interval of +/-$0.282 (+/-5.39%) up or down from last closing price. If Equinox Gold Corp takes out the full calculated possible swing range there will be an estimated 10.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.61 (11.85%) than the resistance at $5.97 (14.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Equinox Gold Corp stock A Buy?
The Equinox Gold Corp stock holds several negative signals and despite the positive trend, we believe Equinox Gold Corp will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Sell candidate.
Current score: -5.716 Strong Sell Candidate Downgraded
Predicted Opening Price for Equinox Gold Corp of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $5.24 ( 0.255%) | $5.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EQX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.38 | 2.93 % | |
| R2 | 5.33 | 1.91 % | ||
| R1 | 5.30 | 1.28 % | ||
| Current price: | 5.23 | |||
| Support | S1 | 5.19 | -0.768 % | |
| S2 | 5.16 | -1.40 % | ||
| S3 | 5.10 | -2.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.18 | 18.16 % | |
| R2 | 6.13 | 17.21 % | ||
| R1 | 5.97 | 14.15 % | ||
| Current price | 5.23 | |||
| Support | S1 | 4.61 | -11.85% | |
| S2 | 4.57 | -12.62% | ||
| S3 | 4.15 | -20.65% |
FAQ
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