Galileo Mining Ltd Stock Forecast
Galileo Mining Ltd stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.
(Updated on May 20, 2024)
The Galileo Mining Ltd stock price gained 1.85% on the last trading day (Monday, 20th May 2024), rising from $0.270 to $0.275. During the last trading day the stock fluctuated 3.77% from a day low at $0.265 to a day high of $0.275. The price has risen in 5 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 276 thousand more shares were traded than the day before. In total, 391 thousand shares were bought and sold for approximately $107.41 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 12.36% during the next 3 months and, with a 90% probability hold a price between $0.294 and $0.356 at the end of this 3-month period.
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GAL.AX Signals & Forecast
The Galileo Mining 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 $0.271 and $0.270. A breakdown below any of these levels will issue sell signals. Galileo Mining Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Tuesday, April 30, 2024, and so far it has fallen -8.33%. 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 Galileo Mining Ltd 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, Galileo Mining Ltd 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 $0.240.
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 3.77%. For the last week, the stock has had daily average volatility of 4.20%.
Our recommended stop-loss: $0.259 (-5.68%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (GAL.AX) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Galileo Mining Ltd to open at $0.272, and during the day (based on 14 day Average True Range), to move between $0.258 and $0.292, which gives a possible trading interval of +/-$0.0173 (+/-6.27%) up or down from last closing price. If Galileo Mining Ltd takes out the full calculated possible swing range there will be an estimated 12.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.280 (1.82%) than the support at $0.260 (5.45%), 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 Galileo Mining Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Galileo Mining Ltd stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.257 Buy Candidate Upgraded
Predicted Opening Price for Galileo Mining Ltd of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.272 ( 1.21%) | $0.275 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GAL.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.282 | 2.42 % | |
| R2 | 0.278 | 1.04 % | ||
| R1 | 0.275 | 0.177 % | ||
| Current price: | 0.275 | |||
| Support | S1 | 0.268 | -2.60 % | |
| S2 | 0.265 | -3.46 % | ||
| S3 | 0.262 | -4.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.300 | 9.09 % | |
| R2 | 0.290 | 5.45 % | ||
| R1 | 0.280 | 1.82 % | ||
| Current price | 0.275 | |||
| Support | S1 | 0.260 | -5.45% | |
| S2 | 0.255 | -7.27% | ||
| S3 | 0.240 | -12.73% |
FAQ
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