OMR/ZAR Currency Pair Forecast
OMR/ZAR currency pair price up 0.154% on Friday
(Updated on May 31, 2024)
The OMR/ZAR currency pair price gained 0.154% on the last trading day (Friday, 31st May 2024), rising from R 48.70 to R 48.78. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 1.49% from a day low at R 48.37 to a day high of R 49.09. The price has been going up and down for this period, and there has been a 3.45% gain for the last 2 weeks. Volume fell on the last day by -8 thousand shares and in total, 114 thousand shares were bought and sold for approximately R 5.56 million. 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 currency pair lies the upper part of a 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 R 49.31 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the currency pair is expected to fall -2.58% during the next 3 months and, with a 90% probability hold a price between R 44.02 and R 48.03 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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OMRZAR Signals & Forecast
Mostly positive signals in the chart today. The OMR/ZAR currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair 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 R 48.00 and R 48.23. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 17, 2024, and so far it has risen 4.88%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The currency pair should be watched closely. The currency pair had a Golden Star Signal on Thursday, April 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 11, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Thursday, April 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 11, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Thursday, April 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 11, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for OMR/ZAR currency pair
OMR/ZAR finds support from accumulated volume at R 48.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved R 0.720 between high and low, or 1.49%. For the last week the currency pair has had daily average volatility of 1.44%.
Our recommended stop-loss: R 46.62 (-4.42%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (OMRZAR) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect OMR/ZAR to open at R 48.75, and during the day (based on 14 day Average True Range), to move between R 46.31 and R 51.25, which gives a possible trading interval of +/-R 2.47 (+/-5.06%) up or down from last closing price. If OMR/ZAR takes out the full calculated possible swing range there will be an estimated 10.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at R 48.76 (0.04%) than the resistance at R 49.27 (1.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is OMR/ZAR currency pair A Buy?
Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for currency pair to perform well in the short-term.
Current score: 2.312 Buy Candidate Unchanged
Predicted Opening Price for OMR/ZAR of Monday, June 3, 2024
Fair opening price June 3, 2024 | Current price |
---|---|
R 48.75 ( 0.0672%) | R 48.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OMRZAR
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 49.47 | 1.41 % | |
R2 | 49.19 | 0.84 % | ||
R1 | 49.02 | 0.497 % | ||
Current price: | 48.78 | |||
Support | S1 | 48.47 | -0.631 % | |
S2 | 48.30 | -0.98 % | ||
S3 | 48.03 | -1.54 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 49.42 | 1.32 % | |
R2 | 49.29 | 1.04 % | ||
R1 | 49.27 | 1.00 % | ||
Current price | 48.78 | |||
Support | S1 | 48.76 | -0.0390% | |
S2 | 48.70 | -0.154% | ||
S3 | 48.62 | -0.324% |
FAQ
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