New Gold Inc. Stock Forecast
Green day on Friday for New Gold Inc. stock after gaining 0.403%
(Updated on Apr 26, 2024)
The New Gold Inc. stock price gained 0.403% on the last trading day (Friday, 26th Apr 2024), rising from $2.48 to $2.49. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.67% from a day low at $2.45 to a day high of $2.54. The price has risen in 5 of the last 10 days. Volume fell on the last day by -712 thousand shares and in total, 718 thousand shares were bought and sold for approximately $1.79 million. 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 stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 68.31% during the next 3 months and, with a 90% probability hold a price between $3.79 and $4.57 at the end of this 3-month period.
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NGD.TO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -1.19%. 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). The New Gold 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 $2.40 and $2.33. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for New Gold Inc. stock
New Gold Inc. finds support from accumulated volume at $2.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0900 between high and low, or 3.67%. For the last week, the stock has had daily average volatility of 4.55%.
Our recommended stop-loss: $2.40 (-3.53%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (NGD.TO) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect New Gold Inc. to open at $2.49, and during the day (based on 14 day Average True Range), to move between $2.38 and $2.60, which gives a possible trading interval of +/-$0.113 (+/-4.54%) up or down from last closing price. If New Gold Inc. takes out the full calculated possible swing range there will be an estimated 9.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.48 (0.40%) than the resistance at $2.51 (0.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
New Gold Inc. will release earnings BMO on Tuesday, April 30, 2024. We will update the financials statements for New Gold Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.62% in the first trading day after earnings release.
Is New Gold 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 New Gold Inc. stock to perform well in the short-term.
Current score: 1.351 Buy Candidate Unchanged
Predicted Opening Price for New Gold Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $2.49 ( 0.134%) | $2.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.58 | 3.75 % | |
| R2 | 2.55 | 2.37 % | ||
| R1 | 2.53 | 1.51 % | ||
| Current price: | 2.49 | |||
| Support | S1 | 2.46 | -1.25 % | |
| S2 | 2.44 | -2.10 % | ||
| S3 | 2.40 | -3.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 2.52 | 1.20 % | ||
| R1 | 2.51 | 0.80 % | ||
| Current price | 2.49 | |||
| Support | S1 | 2.48 | -0.402% | |
| S2 | 2.41 | -3.21% | ||
| S3 | 2.29 | -8.03% |
FAQ
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