Galane Gold LTD Stock Forecast
Galane Gold LTD stock downgraded to Hold/Accumulate
(Updated on May 01, 2024)
No changes to the price of Galane Gold LTD stock on the last trading day (Wednesday, 1st May 2024). During the last trading day the stock fluctuated 0% from a day low at $0.191 to a day high of $0.191. The price has been going up and down for this period, and there has been a 5.89% gain for the last 2 weeks.
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 $0.190 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 72.34% during the next 3 months and, with a 90% probability hold a price between $0.327 and $0.428 at the end of this 3-month period.
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GGGOF Signals & Forecast
The Galane Gold 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 $0.190 and $0.187. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 0.316%. Further rise is indicated until a new top pivot has been found. 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). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Wednesday, April 10, 2024 and based on theory for this formation the price should fall by -2.70% to $0.185 within 3 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for Galane Gold LTD stock
Galane Gold LTD finds support from accumulated volume at $0.191 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.03%
Our recommended stop-loss: $0.179 (-5.94%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (GGGOF) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Galane Gold LTD to open at $0.191, and during the day (based on 14 day Average True Range), to move between $0.181 and $0.201, which gives a possible trading interval of +/-$0.0101 (+/-5.28%) up or down from last closing price. If Galane Gold LTD takes out the full calculated possible swing range there will be an estimated 10.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.191 (0.05%) than the resistance at $0.194 (1.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Galane Gold LTD stock A Buy?
Galane Gold 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 Galane Gold LTD of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.191 ( 0%) | $0.191 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GGGOF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.191 | . | |
| R2 | 0.191 | . | ||
| R1 | 0.191 | . | ||
| Current price: | 0.191 | |||
| Support | S1 | 0.191 | . | |
| S2 | 0.191 | . | ||
| S3 | 0.191 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.200 | 4.93 % | |
| R2 | 0.199 | 4.30 % | ||
| R1 | 0.194 | 1.78 % | ||
| Current price | 0.191 | |||
| Support | S1 | 0.191 | -0.0525% | |
| S2 | 0.190 | -0.315% | ||
| S3 | 0.187 | -1.89% |
FAQ
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