OceanaGold Corporation Stock Forecast
OceanaGold Corporation stock upgraded to Buy Candidate.
(Updated on Jun 27, 2024)
The OceanaGold Corporation stock price gained 2.64% on the last trading day (Thursday, 27th Jun 2024), rising from $2.27 to $2.33. During the last trading day the stock fluctuated 0.431% from a day low at $2.32 to a day high of $2.33. The price has fallen in 5 of the last 10 days and is down by -0.43% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately $10.46 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect OceanaGold Corporation stock with a 90% probability to be traded between $2.17 and $2.48 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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OCANF Signals & Forecast
Mostly positive signals in the chart today. The OceanaGold Corporation 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 $2.34. On a fall, the stock will find some support from the long-term average at approximately $2.31. 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. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 2.64%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). OceanaGold Corporation 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for OceanaGold Corporation stock
OceanaGold Corporation finds support from accumulated volume at $2.31 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 $0.0100 between high and low, or 0.431%. For the last week, the stock has had daily average volatility of 1.03%.
Our recommended stop-loss: $2.21 (-5.27%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (OCANF) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect OceanaGold Corporation to open at $2.33, and during the day (based on 14 day Average True Range), to move between $2.25 and $2.41, which gives a possible trading interval of +/-$0.0771 (+/-3.31%) up or down from last closing price. If OceanaGold Corporation takes out the full calculated possible swing range there will be an estimated 6.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.35 (0.86%) than the support at $2.31 (0.86%), 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 OceanaGold Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for OceanaGold Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.438 Buy Candidate Upgraded
Predicted Opening Price for OceanaGold Corporation of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $2.33 ( 0.143%) | $2.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCANF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.34 | 0.286% |
| R2 | 2.33 | 0.122% |
| R1 | 2.33 | 0.0209% |
| Price | 2.33 | |
| S1 | 2.32 | -0.307% |
| S2 | 2.32 | -0.408% |
| S3 | 2.32 | -0.572% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.45 | 5.15% |
| R2 | 2.37 | 1.72% |
| R1 | 2.35 | 0.86% |
| Price | 2.33 | |
| S1 | 2.31 | -0.86% |
| S2 | 2.25 | -3.43% |
| S3 | 2.22 | -4.72% |
OCANF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Mar 06, 2024 | Apr 26, 2024 | $0.0100 | 0.427% |
| 2 | Aug 23, 2023 | Aug 23, 2023 | Oct 06, 2023 | $0.0100 | 0.546% |
| 3 | Mar 01, 2023 | Mar 08, 2023 | Apr 28, 2023 | $0.0100 | 0.437% |
| 4 | Mar 06, 2019 | Mar 06, 2019 | Mar 06, 2019 | $0.0100 | 0.332% |
| 5 | Aug 08, 2018 | Aug 08, 2018 | Aug 08, 2018 | $0.0200 | 0.654% |
FAQ
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