Generation Mining Limited Stock Forecast

Stronger technical forecast for Generation Mining Limited stock price after Thursday trading.
(Updated on May 23, 2024)

GENMF Signals & Forecast

The Generation Mining Limited 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 $0.207 and $0.194. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, May 14, 2024, and so far it has fallen -5.37%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Generation Mining Limited stock

Generation Mining Limited finds support from accumulated volume at $0.204 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 much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0031 between high and low, or 1.50%. For the last week the stock has had daily average volatility of 3.67%.

Our recommended stop-loss: $0.201 (-4.22%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 12 days ago.)

Trading Expectations (GENMF) For The Upcoming Trading Day Of Friday 24th

For the upcoming trading day on Friday, 24th we expect Generation Mining Limited to open at $0.211, and during the day (based on 14 day Average True Range), to move between $0.193 and $0.227, which gives a possible trading interval of +/-$0.0172 (+/-8.18%) up or down from last closing price. If Generation Mining Limited takes out the full calculated possible swing range there will be an estimated 16.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.210 (0.07%) than the support at $0.204 (2.60%), 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 Generation Mining Limited 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 Generation Mining Limited 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: 3.718 Buy Candidate Upgraded

Predicted Opening Price for Generation Mining Limited of Friday, May 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.