Equinox Gold Corp Stock Forecast
Equinox Gold Corp stock upgraded to Hold/Accumulate.
(Updated on Jun 17, 2024)
The Equinox Gold Corp stock price gained 3.10% on the last trading day (Monday, 17th Jun 2024), rising from $5.16 to $5.32. During the last trading day the stock fluctuated 3.70% from a day low at $5.14 to a day high of $5.33. The price has risen in 6 of the last 10 days but is still down by -2.92% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $17.52 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.31% during the next 3 months and, with a 90% probability hold a price between $4.67 and $5.54 at the end of this 3-month period.
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EQX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 4.11%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Equinox Gold Corp stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $5.42. On a fall, the stock will find some support from the short-term average at $5.19. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Equinox Gold Corp stock
Equinox Gold Corp finds support from accumulated volume at $5.27 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.190 between high and low, or 3.70%. For the last week, the stock has had daily average volatility of 3.33%.
Our recommended stop-loss: $5.10 (-4.18%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 52 days ago.)
Trading Expectations (EQX) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Equinox Gold Corp to open at $5.26, and during the day (based on 14 day Average True Range), to move between $5.11 and $5.53, which gives a possible trading interval of +/-$0.212 (+/-3.98%) up or down from last closing price. If Equinox Gold Corp takes out the full calculated possible swing range there will be an estimated 7.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.27 (0.94%) than the resistance at $5.41 (1.69%), 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?
Equinox Gold Corp 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.284 Hold/Accumulate Upgraded
Predicted Opening Price for Equinox Gold Corp of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $5.26 ( 1.07%) | $5.32 |
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 | |
|---|---|---|
| R3 | 5.45 | 2.51% |
| R2 | 5.38 | 1.14% |
| R1 | 5.34 | 0.299% |
| Price | 5.32 | |
| S1 | 5.19 | -2.43% |
| S2 | 5.15 | -3.27% |
| S3 | 5.07 | -4.64% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.68 | 6.77% |
| R2 | 5.53 | 3.95% |
| R1 | 5.41 | 1.69% |
| Price | 5.32 | |
| S1 | 5.27 | -0.94% |
| S2 | 5.25 | -1.32% |
| S3 | 5.23 | -1.69% |
FAQ
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