Newcore Gold Ltd. Stock Forecast
Newcore Gold Ltd. stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Newcore Gold Ltd. stock price gained 1.38% on the last trading day (Friday, 3rd May 2024), rising from $0.232 to $0.235. During the last trading day the stock fluctuated 5.93% from a day low at $0.226 to a day high of $0.239. The price has risen in 7 of the last 10 days and is up by 59.86% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 287 thousand more shares were traded than the day before. In total, 350 thousand shares were bought and sold for approximately $82.32 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.240 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 94.74% during the next 3 months and, with a 90% probability hold a price between $0.339 and $0.467 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NCAUF Signals & Forecast
Mostly positive signals in the chart today. The Newcore Gold Ltd. stock 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 $0.220 and $0.154. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 14, 2024, and so far it has risen 234.00%. 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). Newcore Gold Ltd. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Newcore Gold Ltd. stock
Newcore Gold Ltd. finds support from accumulated volume at $0.234 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0134 between high and low, or 5.93%. For the last week, the stock has had daily average volatility of 5.27%.
The Newcore Gold Ltd. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.227 (-3.32%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 55 days ago.)
Trading Expectations (NCAUF) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Newcore Gold Ltd. to open at $0.233, and during the day (based on 14 day Average True Range), to move between $0.223 and $0.247, which gives a possible trading interval of +/-$0.0117 (+/-4.99%) up or down from last closing price. If Newcore Gold Ltd. takes out the full calculated possible swing range there will be an estimated 9.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.234, some $0.0010 (0.43%) from the current price of $0.235, our system finds the risk reward attractive.
Is Newcore Gold Ltd. stock A Buy?
Newcore Gold Ltd. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.868 Strong Buy Candidate Upgraded
Predicted Opening Price for Newcore Gold Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.233 ( 0.681%) | $0.235 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NCAUF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.247 | 5.02 % | |
| R2 | 0.242 | 2.84 % | ||
| R1 | 0.239 | 1.50 % | ||
| Current price: | 0.235 | |||
| Support | S1 | 0.228 | -2.86 % | |
| S2 | 0.225 | -4.20 % | ||
| S3 | 0.220 | -6.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.235 | |||
| Support | S1 | 0.234 | -0.426% | |
| S2 | 0.233 | -1.06% | ||
| S3 | 0.213 | -9.43% |
FAQ
Click here for our free guide on how to buy Newcore Gold Ltd. Stock.
