Golden Matrix Group, Inc. Stock Forecast
Big movements in Golden Matrix Group, Inc. stock price on Friday moving 11.20% between high and low
(Updated on Jun 28, 2024)
The Golden Matrix Group, Inc. stock price fell by -0.80% on the last day (Friday, 28th Jun 2024) from $2.49 to $2.47. During the last trading day the stock fluctuated 11.20% from a day low at $2.41 to a day high of $2.68. The price has fallen in 8 of the last 10 days and is down by -23.53% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $4.70 million.
Given the current short-term trend, the stock is expected to rise 8.24% during the next 3 months and, with a 90% probability hold a price between $2.67 and $6.73 at the end of this 3-month period.
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GMGI Signals & Forecast
There are few to no technical positive signals at the moment. The Golden Matrix Group, Inc. 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 $2.67 and $4.14. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -59.31%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Golden Matrix Group, Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.270 between high and low, or 11.20%. For the last week, the stock has had daily average volatility of 16.25%.
Golden Matrix Group, Inc. is oversold on RSI14 (21). 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 (GMGI) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Golden Matrix Group, Inc. to open at $2.52, and during the day (based on 14 day Average True Range), to move between $2.06 and $2.88, which gives a possible trading interval of +/-$0.406 (+/-16.43%) up or down from last closing price. If Golden Matrix Group, Inc. takes out the full calculated possible swing range there will be an estimated 32.85% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $2.49, some $0.0200 (0.81%) from the current price of $2.47, our system finds the risk reward not very attractive.
Is Golden Matrix Group, Inc. stock A Buy?
The Golden Matrix Group, Inc. stock holds several negative signals and despite the positive trend, we believe Golden Matrix Group, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.397 Strong Sell Candidate Downgraded
Predicted Opening Price for Golden Matrix Group, Inc. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $2.52 ( 2.02%) | $2.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMGI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.79 | 12.96% |
| R2 | 2.69 | 8.78% |
| R1 | 2.62 | 6.20% |
| Price | 2.47 | |
| S1 | 2.42 | -2.15% |
| S2 | 2.35 | -4.73% |
| S3 | 2.25 | -8.91% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.95 | 19.43% |
| R2 | 2.72 | 10.12% |
| R1 | 2.49 | 0.81% |
| Price | 2.47 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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