GCM Resources Plc Stock Forecast
Green day on Wednesday for GCM Resources Plc stock after gaining 1.89%
(Updated on May 01, 2024)
The GCM Resources Plc stock price gained 1.89% on the last trading day (Wednesday, 1st May 2024), rising from £6.63 to £6.75. During the last trading day the stock fluctuated 7.69% from a day low at £6.50 to a day high of £7.00. The price has fallen in 5 of the last 10 days and is down by -10% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 205 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately £27.77 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £6.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 181.70% during the next 3 months and, with a 90% probability hold a price between £19.01 and £33.06 at the end of this 3-month period.
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GCM.L Signals & Forecast
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. The GCM Resources Plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £6.79 and £7.91. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -32.50%. 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 GCM Resources Plc stock
GCM Resources Plc finds support from accumulated volume at £6.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 £0.500 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 10.85%.
GCM Resources Plc is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GCM.L) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect GCM Resources Plc to open at £6.75, and during the day (based on 14 day Average True Range), to move between £5.67 and £7.83, which gives a possible trading interval of +/-£1.08 (+/-16.00%) up or down from last closing price. If GCM Resources Plc takes out the full calculated possible swing range there will be an estimated 31.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £6.80 (0.74%) than the support at £6.63 (1.85%), 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?
The GCM Resources Plc stock holds several negative signals and despite the positive trend, we believe GCM Resources Plc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.077 Sell Candidate Unchanged
Predicted Opening Price for GCM Resources Plc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| £6.75 ( 0%) | £6.75 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 7.25 | 7.41 % | |
| R2 | 7.06 | 4.58 % | ||
| R1 | 6.94 | 2.83 % | ||
| Current price: | 6.75 | |||
| Support | S1 | 6.56 | -2.83 % | |
| S2 | 6.44 | -4.58 % | ||
| S3 | 6.25 | -7.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.13 | 20.37 % | |
| R2 | 7.40 | 9.63 % | ||
| R1 | 6.80 | 0.741 % | ||
| Current price | 6.75 | |||
| Support | S1 | 6.63 | -1.85% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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