Novagold Resources Inc Stock Forecast
Red day on Thursday for Novagold Resources Inc
(Updated on May 02, 2024)
The Novagold Resources Inc stock price fell by -1.91% on the last day (Thursday, 2nd May 2024) from $4.19 to $4.11. During the last trading day the stock fluctuated 2.95% from a day low at $4.07 to a day high of $4.19. The price has risen in 5 of the last 10 days but is still down by -3.07% for this period. 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 -159 thousand shares and in total, 93 thousand shares were bought and sold for approximately $382.52 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 $3.99 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 35.31% during the next 3 months and, with a 90% probability hold a price between $5.40 and $6.69 at the end of this 3-month period.
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NG.TO Signals & Forecast
The Novagold Resources Inc 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 $4.05 and $4.04. A breakdown below any of these levels will issue sell signals. 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 Wednesday, April 03, 2024, and so far it has fallen -8.67%. 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.
Support, Risk & Stop-loss for Novagold Resources Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.74 and $3.39. 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, Novagold Resources Inc finds support just below today's level at $3.74. If this is broken, then the next support from accumulated volume will be at $3.39 and $3.21.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.120 between high and low, or 2.95%. For the last week the stock has had daily average volatility of 4.45%.
Our recommended stop-loss: $3.93 (-4.33%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (NG.TO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Novagold Resources Inc to open at $4.12, and during the day (based on 14 day Average True Range), to move between $3.91 and $4.31, which gives a possible trading interval of +/-$0.205 (+/-4.98%) up or down from last closing price. If Novagold Resources Inc takes out the full calculated possible swing range there will be an estimated 9.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.12 (0.24%) than the support at $3.74 (9.00%), 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 Novagold 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 Novagold Resources Inc stock to perform well in the short-term.
Current score: 2.314 Buy Candidate Unchanged
Predicted Opening Price for Novagold Resources Inc of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $4.12 ( 0.324%) | $4.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NG.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.24 | 3.24 % | |
| R2 | 4.20 | 2.13 % | ||
| R1 | 4.17 | 1.44 % | ||
| Current price: | 4.11 | |||
| Support | S1 | 4.08 | -0.791 % | |
| S2 | 4.05 | -1.48 % | ||
| S3 | 4.00 | -2.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.34 | 5.60 % | |
| R2 | 4.19 | 1.95 % | ||
| R1 | 4.12 | 0.243 % | ||
| Current price | 4.11 | |||
| Support | S1 | 3.74 | -9.00% | |
| S2 | 3.39 | -17.52% | ||
| S3 | 3.21 | -21.90% |
NG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 1999 | Jun 28, 1999 | Jun 28, 1999 | $0.170 | 34.00% |
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