Gulf Resources Stock Forecast
Gulf Resources stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)
The Gulf Resources stock price fell by -1.03% on the last day (Friday, 26th Apr 2024) from $1.54 to $1.52. During the last trading day the stock fluctuated 8.40% from a day low at $1.49 to a day high of $1.62. The price has risen in 6 of the last 10 days and is up by 7.04% over the past 2 weeks. Volume has increased on the last day by 179 thousand 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, 199 thousand shares were bought and sold for approximately $302.34 thousand.
The stock lies in the upper part of a 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 $1.54 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 14.54% during the next 3 months and, with a 90% probability hold a price between $1.42 and $1.76 at the end of this 3-month period.
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GURE Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -1.03%. 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). Gulf Resources gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The Gulf Resources 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 $1.44 and $1.37. A breakdown below any of these levels will issue sell signals. The stock had a Golden Star Signal on Friday, April 19, 2024 in the long-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 12 Months
The stock had a Golden Star Signal on Friday, April 19, 2024 in the long-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 Gulf Resources stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.35 and $1.33. 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, Gulf Resources finds support just below today's level at $1.35. If this is broken, then the next support from accumulated volume will be at $1.33 and $1.23.
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 $0.125 between high and low, or 8.40%. For the last week, the stock has had daily average volatility of 5.40%.
Our recommended stop-loss: $1.47 (-3.09%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (GURE) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Gulf Resources to open at $1.54, and during the day (based on 14 day Average True Range), to move between $1.43 and $1.61, which gives a possible trading interval of +/-$0.0933 (+/-6.13%) up or down from last closing price. If Gulf Resources takes out the full calculated possible swing range there will be an estimated 12.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.54 (1.04%) than the support at $1.35 (11.18%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Gulf Resources stock A Buy?
Gulf Resources 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: 0.906 Hold/Accumulate Downgraded
Predicted Opening Price for Gulf Resources of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$1.54 ( 1.43%) | $1.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GURE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.67 | 9.66 % | |
R2 | 1.62 | 6.51 % | ||
R1 | 1.59 | 4.57 % | ||
Current price: | 1.52 | |||
Support | S1 | 1.49 | -1.72 % | |
S2 | 1.46 | -3.66 % | ||
S3 | 1.42 | -6.80 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 1.54 | 1.04 % | ||
Current price | 1.52 | |||
Support | S1 | 1.35 | -11.18% | |
S2 | 1.33 | -12.50% | ||
S3 | 1.23 | -19.08% |
FAQ
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