Harmony Gold Mining Company Limited Stock Forecast
Harmony Gold Mining Company Limited stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on May 02, 2024)
The Harmony Gold Mining Company Limited stock price fell by -1.63% on the last day (Thursday, 2nd May 2024) from $8.61 to $8.47. During the last trading day the stock fluctuated 2.38% from a day low at $8.40 to a day high of $8.60. The price has been going up and down for this period, and there has been a -7.13% loss for the last 2 weeks. Volume has increased on the last day by 1 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, 5 million shares were bought and sold for approximately $39.34 million.
Given the current short-term trend, the stock is expected to rise 72.48% during the next 3 months and, with a 90% probability hold a price between $14.61 and $17.08 at the end of this 3-month period.
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HMY Signals & Forecast
There are few to no technical positive signals at the moment. The Harmony Gold Mining Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.79 and $8.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -8.83%. 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 Harmony Gold Mining Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.93 and $7.76. 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, Harmony Gold Mining Company Limited finds support just below today's level at $7.93. If this is broken, then the next support from accumulated volume will be at $7.76 and $6.78.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.200 (2.38%) between high and low. For the last week, the stock has had daily average volatility of 3.74%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HMY) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Harmony Gold Mining Company Limited to open at $8.49, and during the day (based on 14 day Average True Range), to move between $8.09 and $8.85, which gives a possible trading interval of +/-$0.385 (+/-4.54%) up or down from last closing price. If Harmony Gold Mining Company Limited takes out the full calculated possible swing range there will be an estimated 9.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.59 (1.42%) than the support at $7.93 (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 Harmony Gold Mining Company Limited stock A Buy?
The Harmony Gold Mining Company Limited stock holds several negative signals and despite the positive trend, we believe Harmony Gold Mining Company Limited 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 Buy to a Sell candidate.
Current score: -3.005 Sell Candidate Downgraded
Predicted Opening Price for Harmony Gold Mining Company Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $8.49 ( 0.236%) | $8.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HMY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.69 | 2.60 % | |
| R2 | 8.61 | 1.70 % | ||
| R1 | 8.57 | 1.14 % | ||
| Current price: | 8.47 | |||
| Support | S1 | 8.41 | -0.666 % | |
| S2 | 8.37 | -1.22 % | ||
| S3 | 8.29 | -2.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.11 | 7.56 % | |
| R2 | 9.03 | 6.61 % | ||
| R1 | 8.59 | 1.42 % | ||
| Current price | 8.47 | |||
| Support | S1 | 7.93 | -6.38% | |
| S2 | 7.76 | -8.38% | ||
| S3 | 6.78 | -19.95% |
HMY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Apr 11, 2024 | Apr 22, 2024 | $0.0623 | 0.715% |
| 2 | Aug 31, 2023 | Oct 12, 2023 | Oct 23, 2023 | $0.0300 | 0.621% |
| 3 | Sep 08, 2022 | Oct 13, 2022 | Oct 24, 2022 | $0.0130 | 0.478% |
| 4 | Mar 03, 2022 | Apr 07, 2022 | Apr 18, 2022 | $0.0260 | 0.539% |
| 5 | Sep 10, 2021 | Oct 14, 2021 | Oct 25, 2021 | $0.0190 | 0.477% |
FAQ
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