New Gold, Inc Stock Forecast
New Gold, Inc stock downgraded from Buy Candidate to Sell Candidate after Monday trading session.
(Updated on Jun 17, 2024)
The New Gold, Inc stock price fell by -2.54% on the last day (Monday, 17th Jun 2024) from $1.97 to $1.92. During the last trading day the stock fluctuated 4.21% from a day low at $1.90 to a day high of $1.98. The price has fallen in 5 of the last 10 days and is down by -9.86% 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 -2 million shares and in total, 6 million shares were bought and sold for approximately $11.48 million.
Given the current short-term trend, the stock is expected to rise 25.08% during the next 3 months and, with a 90% probability hold a price between $2.40 and $2.86 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.
NGD Signals & Forecast
There are few to no technical positive signals at the moment. The New Gold, Inc stock 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 $1.96 and $1.97. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 30, 2024, and so far it has fallen -12.73%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for New Gold, Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.82 and $1.80. 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, New Gold, Inc finds support just below today's level at $1.82. If this is broken, then the next support from accumulated volume will be at $1.80 and $1.72.
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 $0.0800 between high and low, or 4.21%. For the last week, the stock has had daily average volatility of 4.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NGD) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect New Gold, Inc to open at $1.93, and during the day (based on 14 day Average True Range), to move between $1.81 and $2.03, which gives a possible trading interval of +/-$0.114 (+/-5.95%) up or down from last closing price. If New Gold, Inc takes out the full calculated possible swing range there will be an estimated 11.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.95 (1.56%) than the support at $1.82 (5.21%), 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 New Gold, Inc stock A Buy?
The New Gold, Inc stock holds several negative signals and despite the positive trend, we believe New Gold, Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.558 Sell Candidate Downgraded
Predicted Opening Price for New Gold, Inc of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $1.93 ( 0.694%) | $1.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.01 | 4.86% |
| R2 | 1.98 | 3.27% |
| R1 | 1.96 | 2.29% |
| Price | 1.92 | |
| S1 | 1.90 | -0.90% |
| S2 | 1.88 | -1.88% |
| S3 | 1.85 | -3.47% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.11 | 9.90% |
| R2 | 1.97 | 2.60% |
| R1 | 1.95 | 1.56% |
| Price | 1.92 | |
| S1 | 1.82 | -5.21% |
| S2 | 1.80 | -6.25% |
| S3 | 1.72 | -10.42% |
FAQ
Click here for our free guide on how to buy New Gold, Inc Stock.
