Hycroft Mining Holding Corporation Stock Forecast
Hycroft Mining Holding Corporation stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The Hycroft Mining Holding Corporation stock price fell by -0.392% on the last day (Wednesday, 1st May 2024) from $0.0255 to $0.0254. During the last trading day the stock fluctuated 1.60% from a day low at $0.0250 to a day high of $0.0254. The price has been going up and down for this period, and there has been a -11.5% loss for the last 2 weeks. 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 -8 thousand shares and in total, 6 thousand shares were bought and sold for approximately $147.32 .
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 16.83% during the next 3 months and, with a 90% probability hold a price between $0.0190 and $0.0382 at the end of this 3-month period.
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HYMCL Signals & Forecast
The Hycroft Mining Holding Corporation 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 $0.0262. On a fall, the stock will find some support from the long-term average at approximately $0.0220. 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 Monday, April 15, 2024, and so far it has fallen -20.13%. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Hycroft Mining Holding Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0224 and $0.0204. 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, Hycroft Mining Holding Corporation finds support just below today's level at $0.0224. If this is broken, then the next support from accumulated volume will be at $0.0204 and $0.0200.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0004 between high and low, or 1.60%. For the last week the stock has had daily average volatility of 18.22%.
Our recommended stop-loss: $0.0239 (-6.02%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (HYMCL) 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 $0.0253, and during the day (based on 14 day Average True Range), to move between $0.0191 and $0.0317, which gives a possible trading interval of +/-$0.0063 (+/-24.75%) 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 49.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0260 (2.36%) than the support at $0.0224 (11.81%), 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 Hycroft Mining Holding Corporation stock A Buy?
Hycroft Mining Holding Corporation 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: -0.668 Hold/Accumulate Downgraded
Predicted Opening Price for Hycroft Mining Holding Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.0253 ( 0.525%) | $0.0254 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HYMCL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0257 | 1.05 % | |
| R2 | 0.0255 | 0.448 % | ||
| R1 | 0.0254 | 0.0766 % | ||
| Current price: | 0.0254 | |||
| Support | S1 | 0.0251 | -1.13 % | |
| S2 | 0.0250 | -1.50 % | ||
| S3 | 0.0249 | -2.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0300 | 18.11 % | |
| R2 | 0.0266 | 4.72 % | ||
| R1 | 0.0260 | 2.36 % | ||
| Current price | 0.0254 | |||
| Support | S1 | 0.0224 | -11.81% | |
| S2 | 0.0204 | -19.69% | ||
| S3 | 0.0200 | -21.26% |
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