Entree Resources Ltd Stock Forecast
Entree Resources Ltd stock price up 2.70% on Wednesday
(Updated on Mar 27, 2024)
The Entree Resources Ltd stock price gained 2.70% on the last trading day (Wednesday, 27th Mar 2024), rising from $1.48 to $1.52. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 5.52% from a day low at $1.45 to a day high of $1.53. The price has risen in 8 of the last 10 days and is up by 16.92% over the past 2 weeks. Volume fell on the last day by -6 thousand shares and in total, 45 thousand shares were bought and sold for approximately $68.42 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $1.40, a level that may pose a second chance to hit a runner. According to fan-theory $1.55 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ETG.TO Signals & Forecast
The Entree Resources Ltd stock 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 $1.39 and $1.27. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 13, 2024, and so far it has risen 29.91%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Entree Resources Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.30 and $1.23. 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, Entree Resources Ltd finds support just below today's level at $1.30. If this is broken, then the next support from accumulated volume will be at $1.23 and $1.21.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0800 between high and low, or 5.52%. For the last week the stock has had daily average volatility of 4.50%.
The Entree Resources Ltd stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Entree Resources Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $1.47 (-2.98%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 30 days ago.)
Trading Expectations (ETG.TO) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Entree Resources Ltd to open at $1.50, and during the day (based on 14 day Average True Range), to move between $1.47 and $1.57, which gives a possible trading interval of +/-$0.0500 (+/-3.29%) up or down from last closing price. If Entree Resources Ltd takes out the full calculated possible swing range there will be an estimated 6.58% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.30, some $0.220 (14.47%) from the current price of $1.52, our system finds the risk reward attractive.
Is Entree Resources Ltd stock A Buy?
Entree Resources Ltd 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Entree Resources Ltd of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$1.50 ( 1.32%) | $1.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETG.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.58 | 3.95 % | |
R2 | 1.55 | 1.94 % | ||
R1 | 1.53 | 0.695 % | ||
Current price: | 1.52 | |||
Support | S1 | 1.47 | -3.33 % | |
S2 | 1.45 | -4.57 % | ||
S3 | 1.42 | -6.58 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 1.52 | |||
Support | S1 | 1.30 | -14.47% | |
S2 | 1.23 | -19.08% | ||
S3 | 1.21 | -20.39% |
FAQ
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