Golden Matrix Group, Inc. Stock Forecast
A very strong day for Golden Matrix Group, Inc. stock price on Thursday
(Updated on May 23, 2024)
The Golden Matrix Group, Inc. stock price gained 9.15% on the last trading day (Thursday, 23rd May 2024), rising from $4.92 to $5.37. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 9.57% from a day low at $4.91 to a day high of $5.38. The price has risen in 5 of the last 10 days and is up by 10.27% 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, 63 thousand more shares were traded than the day before. In total, 188 thousand shares were bought and sold for approximately $1.01 million.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $5.61 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 73.92% during the next 3 months and, with a 90% probability hold a price between $6.39 and $9.75 at the end of this 3-month period.
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GMGI Signals & Forecast
The Golden Matrix Group, 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 $4.83 and $3.96. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 20, 2024, and so far it has risen 19.33%. Further rise is indicated until a new top pivot has been found. Golden Matrix Group, Inc. 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. 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).
Support, Risk & Stop-loss for Golden Matrix Group, Inc. stock
Golden Matrix Group, Inc. finds support from accumulated volume at $5.30 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.470 between high and low, or 9.57%. For the last week, the stock has had daily average volatility of 7.81%.
Our recommended stop-loss: $5.17 (-3.64%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (GMGI) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect Golden Matrix Group, Inc. to open at $5.22, and during the day (based on 14 day Average True Range), to move between $4.98 and $5.76, which gives a possible trading interval of +/-$0.387 (+/-7.21%) 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 14.41% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $5.30, some $0.0700 (1.30%) from the current price of $5.37, our system finds the risk reward attractive.
Is Golden Matrix Group, Inc. 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 Golden Matrix Group, Inc. stock to perform well in the short-term.
Current score: 4.830 Buy Candidate Unchanged
Predicted Opening Price for Golden Matrix Group, Inc. of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| $5.22 ( 2.79%) | $5.37 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 5.69 | 5.96 % | |
| R2 | 5.51 | 2.62 % | ||
| R1 | 5.40 | 0.550 % | ||
| Current price: | 5.37 | |||
| Support | S1 | 5.04 | -6.14 % | |
| S2 | 4.93 | -8.20 % | ||
| S3 | 4.75 | -11.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 5.37 | |||
| Support | S1 | 5.30 | -1.30% | |
| S2 | 4.70 | -12.48% | ||
| S3 | 4.50 | -16.20% |
FAQ
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