Nevada Canyon Gold Corp Stock Forecast
High volatility in Nevada Canyon Gold Corp stock price on Thursday which ended trading at $2.60
(Updated on Jun 27, 2024)
The Nevada Canyon Gold Corp stock price gained 4.42% on the last trading day (Thursday, 27th Jun 2024), rising from $2.49 to $2.60. During the last trading day the stock fluctuated 11.25% from a day low at $2.40 to a day high of $2.67. The price has risen in 6 of the last 10 days but is still down by -16.4% for this period. Volume fell on the last day by -5 thousand shares and in total, 686 shares were bought and sold for approximately $1.78 thousand. 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 very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -34.52% during the next 3 months and, with a 90% probability hold a price between $0.84 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
There are few to no technical positive signals at the moment. The Nevada Canyon Gold Corp 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 $2.73 and $2.82. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -18.75%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Nevada Canyon Gold Corp stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.27 and $2.22. 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, Nevada Canyon Gold Corp finds support just below today's level at $2.27. If this is broken, then the next support from accumulated volume will be at $2.22 and $2.20.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.270 between high and low, or 11.25%. For the last week the stock has had daily average volatility of 9.48%.
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 Friday 28th
For the upcoming trading day on Friday, 28th we expect Nevada Canyon Gold Corp to open at $2.56, and during the day (based on 14 day Average True Range), to move between $2.34 and $2.86, which gives a possible trading interval of +/-$0.263 (+/-10.12%) 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 20.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.80 (7.69%) than the support at $2.27 (12.69%), 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 Nevada Canyon Gold Corp stock A Buy?
Nevada Canyon Gold Corp holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.804 Sell Candidate Unchanged
Predicted Opening Price for Nevada Canyon Gold Corp of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $2.56 ( 1.67%) | $2.60 |
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 | 2.83 | 8.72% |
| R2 | 2.72 | 4.75% |
| R1 | 2.66 | 2.30% |
| Price | 2.60 | |
| S1 | 2.45 | -5.63% |
| S2 | 2.39 | -8.08% |
| S3 | 2.29 | -12.05% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.93 | 12.69% |
| R2 | 2.88 | 10.77% |
| R1 | 2.80 | 7.69% |
| Price | 2.60 | |
| S1 | 2.27 | -12.69% |
| S2 | 2.22 | -14.62% |
| S3 | 2.20 | -15.38% |
FAQ
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