Goodfood Market Corp. Stock Forecast
Evaluation of Goodfood Market Corp. stock downgraded after the last trading session.
(Updated on May 17, 2024)
The Goodfood Market Corp. stock price fell by -4.62% on the last day (Friday, 17th May 2024) from $0.325 to $0.310. During the last trading day the stock fluctuated 3.33% from a day low at $0.300 to a day high of $0.310. The price has been going up and down for this period, and there has been a 1.64% gain for the last 2 weeks. Volume has increased on the last day by 25 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, 25 thousand shares were bought and sold for approximately $7.73 thousand.
The stock lies in the middle of a 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 35.65% during the next 3 months and, with a 90% probability hold a price between $0.410 and $0.462 at the end of this 3-month period.
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FOOD.TO Signals & Forecast
The Goodfood Market Corp. 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 $0.321. On a fall, the stock will find some support from the long-term average at approximately $0.308. 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. 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 13, 2024, and so far it has fallen -7.46%. 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). Goodfood Market Corp. 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 Goodfood Market Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.260 and $0.255. 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, Goodfood Market Corp. finds support just below today's level at $0.260. If this is broken, then the next support from accumulated volume will be at $0.255 and $0.250.
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 $0.0100 between high and low, or 3.33%. For the last week, the stock has had daily average volatility of 2.52%.
Our recommended stop-loss: $0.294 (-5.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (FOOD.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Goodfood Market Corp. to open at $0.307, and during the day (based on 14 day Average True Range), to move between $0.296 and $0.324, which gives a possible trading interval of +/-$0.0143 (+/-4.61%) up or down from last closing price. If Goodfood Market Corp. takes out the full calculated possible swing range there will be an estimated 9.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.320 (3.23%) than the support at $0.260 (16.13%), 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 Goodfood Market Corp. stock A Buy?
Goodfood Market Corp. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.000 Hold/Accumulate Downgraded
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 Goodfood Market Corp. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.307 ( 1.08%) | $0.310 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FOOD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.317 | 2.15 % | |
| R2 | 0.313 | 0.92 % | ||
| R1 | 0.310 | 0.157 % | ||
| Current price: | 0.310 | |||
| Support | S1 | 0.303 | -2.31 % | |
| S2 | 0.300 | -3.07 % | ||
| S3 | 0.297 | -4.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.335 | 8.06 % | |
| R2 | 0.330 | 6.45 % | ||
| R1 | 0.320 | 3.23 % | ||
| Current price | 0.310 | |||
| Support | S1 | 0.260 | -16.13% | |
| S2 | 0.255 | -17.74% | ||
| S3 | 0.250 | -19.35% |
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