Oroco Resource Corp. Stock Forecast
Oroco Resource Corp. stock downgraded to Strong Sell Candidate
(Updated on May 17, 2024)
The Oroco Resource Corp. stock price gained 1.11% on the last trading day (Friday, 17th May 2024), rising from $0.450 to $0.455. During the last trading day the stock fluctuated 3.33% from a day low at $0.450 to a day high of $0.465. The price has fallen in 6 of the last 10 days and is down by -24.17% for this period. Volume fell on the last day by -802 thousand shares and in total, 262 thousand shares were bought and sold for approximately $119.28 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 lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.454 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 41.78% during the next 3 months and, with a 90% probability hold a price between $0.643 and $1.11 at the end of this 3-month period.
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OCO.V Signals & Forecast
There are few to no technical positive signals at the moment. The Oroco Resource 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 $0.514 and $0.600. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -35.00%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Oroco Resource Corp. stock
Oroco Resource Corp. finds support from accumulated volume at $0.450 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0150 between high and low, or 3.33%. For the last week the stock has had daily average volatility of 8.00%.
Oroco Resource Corp. is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OCO.V) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Oroco Resource Corp. to open at $0.457, and during the day (based on 14 day Average True Range), to move between $0.417 and $0.493, which gives a possible trading interval of +/-$0.0379 (+/-8.32%) up or down from last closing price. If Oroco Resource Corp. takes out the full calculated possible swing range there will be an estimated 16.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.450 (1.10%) than the resistance at $0.500 (9.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Oroco Resource Corp. stock A Buy?
The Oroco Resource Corp. stock holds several negative signals and despite the positive trend, we believe Oroco Resource Corp. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.493 Strong Sell Candidate Downgraded
Predicted Opening Price for Oroco Resource Corp. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.457 ( 0.366%) | $0.455 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCO.V
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.472 | 3.66 % | |
| R2 | 0.466 | 2.40 % | ||
| R1 | 0.462 | 1.63 % | ||
| Current price: | 0.455 | |||
| Support | S1 | 0.451 | -0.89 % | |
| S2 | 0.447 | -1.67 % | ||
| S3 | 0.442 | -2.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.530 | 16.48 % | |
| R2 | 0.510 | 12.09 % | ||
| R1 | 0.500 | 9.89 % | ||
| Current price | 0.455 | |||
| Support | S1 | 0.450 | -1.10% | |
| S2 | 0.395 | -13.19% | ||
| S3 | 0.380 | -16.48% |
FAQ
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