Hycroft Stock Forecast
Hycroft stock upgraded to Buy Candidate.
(Updated on May 01, 2024)
The Hycroft stock price fell by -2.42% on the last day (Wednesday, 1st May 2024) from $3.31 to $3.23. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 7.45% from a day low at $3.22 to a day high of $3.46. The price has fallen in 7 of the last 10 days and is down by -12.7% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -772 thousand shares and in total, 240 thousand shares were bought and sold for approximately $776.21 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.03 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 86.05% during the next 3 months and, with a 90% probability hold a price between $5.64 and $8.83 at the end of this 3-month period.
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HYMC Signals & Forecast
The Hycroft stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $3.60. On a fall, the stock will find some support from the long-term average at approximately $3.12. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -23.82%. 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 fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Hycroft stock
Hycroft finds support from accumulated volume at $3.15 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.240 between high and low, or 7.45%. For the last week the stock has had daily average volatility of 9.20%.
Our recommended stop-loss: $3.02 (-6.48%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (HYMC) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Hycroft Mining Holding Corporation to open at $3.30, and during the day (based on 14 day Average True Range), to move between $2.86 and $3.60, which gives a possible trading interval of +/-$0.371 (+/-11.49%) up or down from last closing price. If Hycroft Mining Holding Corporation takes out the full calculated possible swing range there will be an estimated 22.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.15 (2.48%) than the resistance at $3.37 (4.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Hycroft will release earnings BMO on Monday, May 06, 2024. We will update the financials statements for Hycroft, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 12.08% in the first trading day after earnings release.
Is Hycroft Mining Holding Corporation 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 Hycroft stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.016 Buy Candidate Upgraded
Predicted Opening Price for Hycroft Mining Holding Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $3.30 ( 2.27%) | $3.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HYMC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.54 | 9.70 % | |
| R2 | 3.45 | 6.86 % | ||
| R1 | 3.40 | 5.11 % | ||
| Current price: | 3.23 | |||
| Support | S1 | 3.21 | -0.568 % | |
| S2 | 3.16 | -2.32 % | ||
| S3 | 3.06 | -5.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.86 | 19.50 % | |
| R2 | 3.67 | 13.62 % | ||
| R1 | 3.37 | 4.33 % | ||
| Current price | 3.23 | |||
| Support | S1 | 3.15 | -2.48% | |
| S2 | 2.75 | -14.86% | ||
| S3 | 2.49 | -22.91% |
FAQ
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