Greenwing Resources Ltd Stock Forecast
Greenwing Resources Ltd stock price took a fall of -10.00% on Friday
(Updated on Jun 28, 2024)
The Greenwing Resources Ltd stock price fell by -10.00% on the last day (Friday, 28th Jun 2024) from $0.0500 to $0.0450. During the last trading day the stock fluctuated 9.09% from a day low at $0.0440 to a day high of $0.0480. The price has been going up and down for this period, and there has been a -10% loss for the last 2 weeks. Volume has increased on the last day by 352 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, 363 thousand shares were bought and sold for approximately $16.35 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -28.91% during the next 3 months and, with a 90% probability hold a price between $0.0264 and $0.0491 at the end of this 3-month period.
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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 9.76%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 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 $0.0451 and $0.0617. A break-up above any of these levels will issue buy signals. Greenwing Resources Ltd 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 very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Greenwing Resources Ltd stock
Greenwing Resources Ltd finds support from accumulated volume at $0.0440 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 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 $0.0040 between high and low, or 9.09%. For the last week, the stock has had daily average volatility of 7.63%.
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 Monday 1st
For the upcoming trading day on Monday, 1st we expect Greenwing Resources Ltd to open at $0.0457, and during the day (based on 14 day Average True Range), to move between $0.0408 and $0.0492, which gives a possible trading interval of +/-$0.0042 (+/-9.43%) up or down from last closing price. If Greenwing Resources Ltd takes out the full calculated possible swing range there will be an estimated 18.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0440 (2.22%) than the resistance at $0.0470 (4.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Greenwing Resources Ltd stock A Buy?
Greenwing Resources Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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: -5.077 Strong Sell Candidate Downgraded
Predicted Opening Price for Greenwing Resources Ltd of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$0.0457 ( 1.48%) | $0.0450 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GW1.AX
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0497 | 10.37% |
R2 | 0.0481 | 6.97% |
R1 | 0.0472 | 4.88% |
Price | 0.0450 | |
S1 | 0.0441 | -1.91% |
S2 | 0.0432 | -4.01% |
S3 | 0.0417 | -7.41% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0560 | 24.44% |
R2 | 0.0500 | 11.11% |
R1 | 0.0470 | 4.44% |
Price | 0.0450 | |
S1 | 0.0440 | -2.22% |
S2 | 0.0430 | -4.44% |
S3 | 0.0410 | -8.89% |
FAQ
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