Greenfire Resources Ltd Stock Forecast
Green day on Friday for Greenfire Resources Ltd
(Updated on Jun 28, 2024)
The Greenfire Resources Ltd stock price gained 3.85% on the last trading day (Friday, 28th Jun 2024), rising from $6.50 to $6.75. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.69% from a day low at $6.51 to a day high of $6.75. The price has risen in 8 of the last 10 days and is up by 12.31% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 54 thousand more shares were traded than the day before. In total, 82 thousand shares were bought and sold for approximately $554.22 thousand.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $6.39 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $7.36 sometime during the next 3 months.
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GFR Signals & Forecast
The Greenfire Resources 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 $6.32 and $6.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 18.42%. 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). Greenfire Resources 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. The stock had a Golden Star Signal on Wednesday, May 29, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Wednesday, May 29, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Greenfire Resources Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.07 and $6.03. 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, Greenfire Resources Ltd finds support just below today's level at $6.07. If this is broken, then the next support from accumulated volume will be at $6.03 and $5.98.
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 $0.240 between high and low, or 3.69%. For the last week, the stock has had daily average volatility of 2.74%.
The Greenfire Resources Ltd stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Greenfire Resources Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $6.53 (-3.30%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (GFR) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Greenfire Resources Ltd to open at $6.67, and during the day (based on 14 day Average True Range), to move between $6.57 and $6.93, which gives a possible trading interval of +/-$0.181 (+/-2.68%) up or down from last closing price. If Greenfire Resources Ltd takes out the full calculated possible swing range there will be an estimated 5.36% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.07, some $0.680 (10.07%) from the current price of $6.75, our system finds the risk reward attractive.
Is Greenfire Resources Ltd stock A Buy?
Greenfire Resources Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Greenfire Resources Ltd of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $6.67 ( 1.19%) | $6.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GFR
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.91 | 2.37% |
| R2 | 6.82 | 1.01% |
| R1 | 6.76 | 0.173% |
| Price | 6.75 | |
| S1 | 6.58 | -2.54% |
| S2 | 6.52 | -3.38% |
| S3 | 6.43 | -4.74% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 6.75 | |
| S1 | 6.07 | -10.07% |
| S2 | 6.03 | -10.67% |
| S3 | 5.98 | -11.41% |
FAQ
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