GCM Resources Plc Stock Forecast
Big movements in GCM Resources Plc stock price on Tuesday moving 14.00% between high and low
(Updated on Jul 02, 2024)
The GCM Resources Plc stock price gained 8.57% on the last trading day (Tuesday, 2nd Jul 2024), rising from £5.25 to £5.70. During the last trading day the stock fluctuated 14.00% from a day low at £5.00 to a day high of £5.70. The price has been going up and down for this period, and there has been a 8.57% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 120 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately £11.06 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -31.52% during the next 3 months and, with a 90% probability hold a price between £3.08 and £4.84 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GCM.L Signals & Forecast
The GCM Resources Plc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £5.44 and £5.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 8.57%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for GCM Resources Plc stock
GCM Resources Plc finds support from accumulated volume at £5.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 £0.700 between high and low, or 14.00%. For the last week, the stock has had daily average volatility of 9.74%.
Our recommended stop-loss: £5.48 (-3.84%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 54 days ago.)
Trading Expectations (GCM.L) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect GCM Resources Plc to open at £5.47, and during the day (based on 14 day Average True Range), to move between £5.11 and £6.29, which gives a possible trading interval of +/-£0.589 (+/-10.33%) up or down from last closing price. If GCM Resources Plc takes out the full calculated possible swing range there will be an estimated 20.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £5.75 (0.88%) than the support at £5.60 (1.75%), 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 GCM Resources Plc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.529 Buy Candidate Upgraded
Predicted Opening Price for GCM Resources Plc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| £5.47 ( 4.09%) | £5.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GCM.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.17 | 8.19% |
| R2 | 5.90 | 3.50% |
| R1 | 5.73 | 0.598% |
| Price | 5.70 | |
| S1 | 5.20 | -8.78% |
| S2 | 5.03 | -11.68% |
| S3 | 4.77 | -16.37% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.75 | 18.42% |
| R2 | 6.63 | 16.32% |
| R1 | 5.75 | 0.88% |
| Price | 5.70 | |
| S1 | 5.60 | -1.75% |
| S2 | 5.50 | -3.51% |
| S3 | 5.25 | -7.89% |
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