MDL/GBP Currency Pair Forecast
Evaluation of MDL/GBP currency pair downgraded after the last trading session.
(Updated on May 24, 2024)
The MDL/GBP currency pair price fell by -0.332% on the last day (Friday, 24th May 2024) from £0.0438 to £0.0436. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.267% from a day low at £0.0436 to a day high of £0.0437. The price has fallen in 6 of the last 10 days and is down by -1.47% for this period. Volume has increased on the last day by 1 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, 3 shares were bought and sold for approximately £0.131 .
The currency pair has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately £0.0439 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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MDLGBP Signals & Forecast
There are few to no technical positive signals at the moment. The MDL/GBP currency pair 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 £0.0438 and £0.0443. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, April 21, 2024, and so far it has fallen -3.51%. 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). MDL/GBP 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 MDL/GBP currency pair
MDL/GBP finds support from accumulated volume at £0.0436 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved £0.0001 between high and low, or 0.267%. For the last week the currency pair has had daily average volatility of 0.157%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MDLGBP) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect MDL/GBP to open at £0.0437, and during the day (based on 14 day Average True Range), to move between £0.0434 and £0.0438, which gives a possible trading interval of +/-£0.0002 (+/-0.45%) up or down from last closing price. If MDL/GBP takes out the full calculated possible swing range there will be an estimated 0.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.0436 (0.01%) than the resistance at £0.0438 (0.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MDL/GBP currency pair A Buy?
MDL/GBP holds several negative signals and is within a narrow 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 currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.440 Sell Candidate Downgraded
Predicted Opening Price for MDL/GBP of Tuesday, May 28, 2024
Fair opening price May 28, 2024 | Current price |
---|---|
£0.0437 ( 0.0891%) | £0.0436 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MDLGBP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0438 | 0.356 % | |
R2 | 0.0437 | 0.254 % | ||
R1 | 0.0437 | 0.191 % | ||
Current price: | 0.0436 | |||
Support | S1 | 0.0436 | -0.0130 % | |
S2 | 0.0436 | -0.0761 % | ||
S3 | 0.0435 | -0.178 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0447 | 2.52 % | |
R2 | 0.0444 | 1.84 % | ||
R1 | 0.0438 | 0.470 % | ||
Current price | 0.0436 | |||
Support | S1 | 0.0436 | -0.0075% | |
S2 | 0.0436 | -0.0391% | ||
S3 | 0.0436 | -0.136% |
FAQ
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