Greenwing Resources Ltd Stock Forecast

Big movements in Greenwing Resources Ltd stock price on Wednesday moving 17.50% between high and low
(Updated on Jun 26, 2024)

GW1.AX Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 14.63%. Further rise is indicated until a new top pivot has been found. Greenwing Resources Ltd 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Greenwing Resources Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.0635. On a fall, the stock will find some support from the short-term average at $0.0446. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Greenwing Resources Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0440 and $0.0430. 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, Greenwing Resources Ltd finds support just below today's level at $0.0440. If this is broken, then the next support from accumulated volume will be at $0.0430 and $0.0410.

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 $0.0070 between high and low, or 17.50%. For the last week, the stock has had daily average volatility of 10.93%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GW1.AX) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Greenwing Resources Ltd to open at $0.0447, and during the day (based on 14 day Average True Range), to move between $0.0428 and $0.0512, which gives a possible trading interval of +/-$0.0042 (+/-8.96%) up or down from last closing price. If Greenwing Resources Ltd takes out the full calculated possible swing range there will be an estimated 17.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0500 (6.38%) than the support at $0.0440 (6.38%), 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 Greenwing Resources Ltd stock A Buy?

Greenwing Resources Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -2.478 Sell Candidate Unchanged

Predicted Opening Price for Greenwing Resources Ltd of Thursday, June 27, 2024

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