Erdene Resource Development Corporation Stock Forecast

Erdene Resource Development Corporation stock upgraded from Strong Sell Candidate to Sell Candidate after Friday trading session.
(Updated on Jun 14, 2024)

ERD.TO Signals & Forecast

Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Erdene Resource Development Corporation 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 $0.442 and $0.437. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -13.13%. 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).

Support, Risk & Stop-loss for Erdene Resource Development Corporation stock

Erdene Resource Development Corporation finds support from accumulated volume at $0.410 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 $0.0125 between high and low, or 2.96%. For the last week, the stock has had daily average volatility of 3.84%.

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

Trading Expectations (ERD.TO) For The Upcoming Trading Day Of Monday 17th

For the upcoming trading day on Monday, 17th we expect Erdene Resource Development Corporation to open at $0.429, and during the day (based on 14 day Average True Range), to move between $0.411 and $0.449, which gives a possible trading interval of +/-$0.0191 (+/-4.44%) up or down from last closing price. If Erdene Resource Development Corporation takes out the full calculated possible swing range there will be an estimated 8.87% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.410 (4.65%) than the resistance at $0.460 (6.98%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Erdene Resource Development Corporation stock A Buy?

The Erdene Resource Development Corporation stock holds several negative signals and despite the positive trend, we believe Erdene Resource Development Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -4.079 Sell Candidate Upgraded

Predicted Opening Price for Erdene Resource Development Corporation of Monday, June 17, 2024

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