Golden Lake Exploration Inc. Stock Forecast

Weaker technical forecast for Golden Lake Exploration Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 10, 2024)

GLM.CN Signals & Forecast

The Golden Lake Exploration Inc. 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 $0.0600 and $0.0597. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 9.09%. 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.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Monday, April 08, 2024 and based on theory for this formation the price should fall by -25.44% to $0.0447 within 19 trading days since signal was issued (Monday, May 13, 2024).

Support, Risk & Stop-loss for Golden Lake Exploration Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0550 and $0.0500. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0500 may give a huge drop in the stock price.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0050 between high and low, or 8.33%. For the last week the stock has had daily average volatility of 3.48%.

Our recommended stop-loss: $0.0575 (-4.20%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)

Trading Expectations (GLM.CN) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Golden Lake Exploration Inc. to open at $0.0617, and during the day (based on 14 day Average True Range), to move between $0.0565 and $0.0635, which gives a possible trading interval of +/-$0.0035 (+/-5.89%) up or down from last closing price. If Golden Lake Exploration Inc. takes out the full calculated possible swing range there will be an estimated 11.77% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0550 (8.33%) than the resistance at $0.0650 (8.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Golden Lake Exploration Inc. stock A Buy?

Golden Lake Exploration Inc. 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: 0.922 Hold/Accumulate Downgraded

Predicted Opening Price for Golden Lake Exploration Inc. of Monday, May 13, 2024

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