The Greater Cannabis Company, Inc. Stock Forecast
High volatility in The Greater Cannabis Company, Inc. stock price on Tuesday which ended trading at $0.0006
(Updated on May 07, 2024)
The The Greater Cannabis Company, Inc. stock price fell by -7.69% on the last day (Tuesday, 7th May 2024) from $0.0007 to $0.0006. During the last trading day the stock fluctuated 30.00% from a day low at $0.0005 to a day high of $0.0007. The price has fallen in 5 of the last 10 days and is down by -14.29% for this period. Volume has increased on the last day by 674 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, 3 million shares were bought and sold for approximately $1.58 thousand.
The stock lies in the middle of a very wide and weak 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 4.65% during the next 3 months and, with a 90% probability hold a price between $0.0005 and $0.0010 at the end of this 3-month period.
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GCAN Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has fallen 0%. 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. The The Greater Cannabis Company, Inc. 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 $0.0007 and $0.0006. A break-up above any of these levels will issue buy signals. The Greater Cannabis Company, Inc. 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 The Greater Cannabis Company, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0006 and $0.0005. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0005 may give a huge drop in the stock price.
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 $0.0002 between high and low, or 30.00%. For the last week, the stock has had daily average volatility of 47.62%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GCAN) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect The Greater Cannabis Company, Inc. to open at $0.0006, and during the day (based on 14 day Average True Range), to move between $0.0004 and $0.0008, which gives a possible trading interval of +/-$0.0002 (+/-30.27%) up or down from last closing price. If The Greater Cannabis Company, Inc. takes out the full calculated possible swing range there will be an estimated 60.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0006 (8.33%) than the resistance at $0.0007 (8.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is The Greater Cannabis Company, Inc. stock A Buy?
The The Greater Cannabis Company, Inc. stock holds several negative signals and despite the positive trend, we believe The Greater Cannabis Company, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.807 Sell Candidate Downgraded
Predicted Opening Price for The Greater Cannabis Company, Inc. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $0.0006 ( 2.78%) | $0.0006 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GCAN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0007 | 22.22 % | |
| R2 | 0.0007 | 12.67 % | ||
| R1 | 0.0006 | 6.77 % | ||
| Current price: | 0.0006 | |||
| Support | S1 | 0.0005 | -12.33 % | |
| S2 | 0.0005 | -18.23 % | ||
| S3 | 0.0004 | -27.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0007 | 16.67 % | |
| R2 | 0.0007 | 11.67 % | ||
| R1 | 0.0007 | 8.33 % | ||
| Current price | 0.0006 | |||
| Support | S1 | 0.0006 | -8.33% | |
| S2 | 0.0005 | -16.67% | ||
| S3 | 0 | . |
FAQ
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