Elevation Gold Mining Corporation Stock Forecast
Elevation Gold Mining Corporation stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)
The Elevation Gold Mining Corporation stock price fell by -2.37% on the last day (Friday, 17th May 2024) from $0.0758 to $0.0740. During the last trading day the stock fluctuated 7.09% from a day low at $0.0691 to a day high of $0.0740. The price has fallen in 6 of the last 10 days and is down by -12.89% for this period. Volume has increased on the last day by 23 thousand 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, 24 thousand shares were bought and sold for approximately $1.74 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.69% during the next 3 months and, with a 90% probability hold a price between $0.0633 and $0.104 at the end of this 3-month period.
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EVGDF Signals & Forecast
The Elevation Gold Mining Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.0743. On a fall, the stock will find some support from the long-term average at approximately $0.0659. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -12.89%. Further fall is indicated until a new bottom pivot has been found. Elevation Gold Mining Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Elevation Gold Mining Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0650 and $0.0580. 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, Elevation Gold Mining Corporation finds support just below today's level at $0.0650. If this is broken, then the next support from accumulated volume will be at $0.0580 and $0.0569.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0049 between high and low, or 7.09%. For the last week, the stock has had daily average volatility of 1.91%.
Our recommended stop-loss: $0.0705 (-4.68%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (EVGDF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Elevation Gold Mining Corporation to open at $0.0724, and during the day (based on 14 day Average True Range), to move between $0.0687 and $0.0793, which gives a possible trading interval of +/-$0.0053 (+/-7.11%) up or down from last closing price. If Elevation Gold Mining Corporation takes out the full calculated possible swing range there will be an estimated 14.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0759 (2.62%) than the support at $0.0650 (12.16%), 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 Elevation Gold Mining Corporation stock A Buy?
Elevation Gold Mining Corporation 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. 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 Hold/Accumulate candidate.
Current score: 0.327 Hold/Accumulate Downgraded
Predicted Opening Price for Elevation Gold Mining Corporation of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0724 ( 2.21%) | $0.0740 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EVGDF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0773 | 4.41 % | |
| R2 | 0.0754 | 1.88 % | ||
| R1 | 0.0742 | 0.322 % | ||
| Current price: | 0.0740 | |||
| Support | S1 | 0.0705 | -4.74 % | |
| S2 | 0.0693 | -6.30 % | ||
| S3 | 0.0675 | -8.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0886 | 19.69 % | |
| R2 | 0.0850 | 14.80 % | ||
| R1 | 0.0759 | 2.62 % | ||
| Current price | 0.0740 | |||
| Support | S1 | 0.0650 | -12.16% | |
| S2 | 0.0580 | -21.62% | ||
| S3 | 0.0569 | -23.18% |
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