MMK/GBP Currency Pair Forecast
A very strong day for MMK/GBP currency pair price on Tuesday
(Updated on Jul 02, 2024)
The MMK/GBP currency pair price gained 56.29% on the last trading day (Tuesday, 2nd Jul 2024), rising from £0.0002 to £0.0004. During the last trading day the currency pair fluctuated 0.461% from a day low at £0.0004 to a day high of £0.0004. The price has been going up and down for this period, and there has been a 56.17% gain for the last 2 weeks. Volume fell on the last day by -1 shares and in total, 0 shares were bought and sold for approximately £0 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pairhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is £0.0004, a level that may pose a second chance to hit a runner. According to fan-theory £0.0005 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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MMKGBP Signals & Forecast
The MMK/GBP currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £0.0004 and £0.0003. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 56.29%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Wednesday, August 23, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Wednesday, August 23, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A buy signal from a double bottom formation was found on Monday, July 01, 2024 and based on theory for this formation the price should go up by 18.82% to £0.0004 within 8 trading days since signal was issued (Friday, July 12, 2024).
Support, Risk & Stop-loss for MMK/GBP currency pair
MMK/GBP finds support from accumulated volume at £0.0004 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved £0.00000173 between high and low, or 0.461%. For the last week the currency pair has had daily average volatility of 0.317%
Our recommended stop-loss: £0.0004 (-3.46%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (MMKGBP) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect MMK/GBP to open at £0.0004, and during the day (based on 14 day Average True Range), to move between £0.0003 and £0.0004, which gives a possible trading interval of +/-£0.00003570 (+/-9.49%) up or down from last closing price. If MMK/GBP takes out the full calculated possible swing range there will be an estimated 18.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.0004 (0.01%) than the resistance at £0.0004 (0.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MMK/GBP currency pair A Buy?
MMK/GBP 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.
Current score: 0.593 Hold/Accumulate Unchanged
Predicted Opening Price for MMK/GBP of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| £0.0004 ( 0.141%) | £0.0004 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMKGBP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0004 | 0.602% |
| R2 | 0.0004 | 0.426% |
| R1 | 0.0004 | 0.317% |
| Price | 0.0004 | |
| S1 | 0.0004 | -0.0344% |
| S2 | 0.0004 | -0.143% |
| S3 | 0.0004 | -0.319% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0004 | 1.40% |
| R2 | 0.0004 | 0.442% |
| R1 | 0.0004 | 0.0318% |
| Price | 0.0004 | |
| S1 | 0.0004 | -0.0113% |
| S2 | 0.0004 | -0.317% |
| S3 | 0.0004 | -1.97% |
FAQ
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