Anglo American plc Stock Forecast

Anglo American plc stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)

NGLB.F Signals & Forecast

The Anglo American plc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately 31.15€. On a fall, the stock will find some support from the long-term average at approximately 27.68€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Anglo American plc 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. Higher liquidity also reduces the general risk. 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 Friday, May 10, 2024, and so far it has fallen -3.35%. 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).

Support, Risk & Stop-loss for Anglo American plc stock

Anglo American plc finds support from accumulated volume at 30.70€ 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved 1.06€ between high and low, or 3.48%. For the last week, the stock has had daily average volatility of 3.19%.

Our recommended stop-loss: 29.60€ (-4.95%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (NGLB.F) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Anglo American plc to open at 31.04€, and during the day (based on 14 day Average True Range), to move between 30.09€ and 32.19€, which gives a possible trading interval of +/-1.05€ (+/-3.38%) up or down from last closing price. If Anglo American plc takes out the full calculated possible swing range there will be an estimated 6.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 31.17€ (0.10%) than the support at 30.70€ (1.41%), 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 Anglo American plc stock A Buy?

Anglo American plc 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. 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 Hold/Accumulate candidate.

Current score: 0.761 Hold/Accumulate Downgraded

Predicted Opening Price for Anglo American plc of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.