NuLegacy Gold Corp Stock Forecast

Big movements in NuLegacy Gold Corp stock price on Friday moving 18.75% between high and low
(Updated on May 03, 2024)

NULGF Signals & Forecast

The NuLegacy Gold Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0088 and $0.0090. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. 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, April 19, 2024, and so far it has fallen -5.00%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for NuLegacy Gold Corp stock

NuLegacy Gold Corp finds support from accumulated volume at $0.0095 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 $0.0015 between high and low, or 18.75%. For the last week, the stock has had daily average volatility of 6.78%.

Our recommended stop-loss: $0.0090 (-4.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (NULGF) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect NuLegacy Gold Corp to open at $0.0090, and during the day (based on 14 day Average True Range), to move between $0.0085 and $0.0105, which gives a possible trading interval of +/-$0.0010 (+/-10.76%) up or down from last closing price. If NuLegacy Gold Corp takes out the full calculated possible swing range there will be an estimated 21.52% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0095 (0.53%) than the resistance at $0.0097 (2.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is NuLegacy Gold Corp stock A Buy?

NuLegacy Gold Corp 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: 0.964 Hold/Accumulate Downgraded

Predicted Opening Price for NuLegacy Gold Corp of Monday, May 6, 2024

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