Nevada Canyon Gold Corp Stock Forecast
Red day on Friday for Nevada Canyon Gold Corp
(Updated on Jun 21, 2024)
No changes to the price of Nevada Canyon Gold Corp stock on the last trading day (Friday, 21st Jun 2024). During the last trading day the stock fluctuated 6.60% from a day low at $2.88 to a day high of $3.07. The price has risen in 7 of the last 10 days and is up by 14.29% over the past 2 weeks.
The stock lies the upper part of a very wide and falling 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 $3.14 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -36.65% during the next 3 months and, with a 90% probability hold a price between $0.81 and $1.99 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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NGLD Signals & Forecast
The Nevada Canyon Gold Corp 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 $3.07. On a fall, the stock will find some support from the long-term average at approximately $2.82. 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. 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 Tuesday, June 18, 2024, and so far it has fallen -10.00%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Nevada Canyon Gold Corp stock
Nevada Canyon Gold Corp finds support from accumulated volume at $2.84 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.190 between high and low, or 6.60%. For the last week the stock has had daily average volatility of 4.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NGLD) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Nevada Canyon Gold Corp to open at $2.94, and during the day (based on 14 day Average True Range), to move between $2.61 and $3.15, which gives a possible trading interval of +/-$0.269 (+/-9.33%) up or down from last closing price. If Nevada Canyon Gold Corp takes out the full calculated possible swing range there will be an estimated 18.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.84 (1.39%) than the resistance at $2.93 (1.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nevada Canyon Gold Corp stock A Buy?
Nevada Canyon Gold Corp holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.670 Sell Candidate Unchanged
Predicted Opening Price for Nevada Canyon Gold Corp of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $2.94 ( 2.20%) | $2.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGLD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.13 | 8.80% |
| R2 | 3.06 | 6.28% |
| R1 | 3.02 | 4.72% |
| Price | 2.88 | |
| S1 | 2.87 | -0.321% |
| S2 | 2.83 | -1.88% |
| S3 | 2.75 | -4.40% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.51 | 21.79% |
| R2 | 2.95 | 2.43% |
| R1 | 2.93 | 1.74% |
| Price | 2.88 | |
| S1 | 2.84 | -1.39% |
| S2 | 2.80 | -2.78% |
| S3 | 2.20 | -23.61% |
FAQ
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