Karora Resources Inc Stock Forecast
Green day on Wednesday for Karora Resources Inc stock after gaining 0.771%
(Updated on May 01, 2024)
The Karora Resources Inc stock price gained 0.771% on the last trading day (Wednesday, 1st May 2024), rising from $3.89 to $3.92. During the last trading day the stock fluctuated 5.80% from a day low at $3.79 to a day high of $4.01. The price has been going up and down for this period, and there has been a -0.56% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 100 thousand more shares were traded than the day before. In total, 115 thousand shares were bought and sold for approximately $452.04 thousand.
The stock lies in the lower part of a 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 $3.86 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 40.86% during the next 3 months and, with a 90% probability hold a price between $5.44 and $6.05 at the end of this 3-month period.
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KRRGF Signals & Forecast
The Karora Resources Inc 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 $3.99. On a fall, the stock will find some support from the long-term average at approximately $3.76. 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. Karora Resources Inc 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. Higher liquidity also reduces the general risk. 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 Friday, April 19, 2024, and so far it has fallen -5.08%. 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).
Support, Risk & Stop-loss for Karora Resources Inc stock
Karora Resources Inc finds support from accumulated volume at $3.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.220 between high and low, or 5.80%. For the last week, the stock has had daily average volatility of 3.06%.
Our recommended stop-loss: $3.72 (-5.06%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (KRRGF) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Karora Resources Inc to open at $3.91, and during the day (based on 14 day Average True Range), to move between $3.76 and $4.08, which gives a possible trading interval of +/-$0.164 (+/-4.17%) up or down from last closing price. If Karora Resources Inc takes out the full calculated possible swing range there will be an estimated 8.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.97 (1.28%) than the support at $3.75 (4.34%), 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 Karora Resources Inc 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 Karora Resources Inc stock to perform well in the short-term.
Current score: 1.963 Buy Candidate Unchanged
Predicted Opening Price for Karora Resources Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $3.91 ( 0.340%) | $3.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KRRGF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.13 | 5.27 % | |
| R2 | 4.04 | 3.13 % | ||
| R1 | 3.99 | 1.80 % | ||
| Current price: | 3.92 | |||
| Support | S1 | 3.82 | -2.48 % | |
| S2 | 3.77 | -3.81 % | ||
| S3 | 3.69 | -5.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.11 | 4.85 % | |
| R2 | 3.99 | 1.79 % | ||
| R1 | 3.97 | 1.28 % | ||
| Current price | 3.92 | |||
| Support | S1 | 3.75 | -4.34% | |
| S2 | 3.56 | -9.31% | ||
| S3 | 2.96 | -24.49% |
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