Orezone Gold Corporation Stock Forecast
Green day on Thursday for Orezone Gold Corporation
(Updated on Jun 27, 2024)
The Orezone Gold Corporation stock price gained 3.08% on the last trading day (Thursday, 27th Jun 2024), rising from $0.650 to $0.670. During the last trading day the stock fluctuated 2.29% from a day low at $0.655 to a day high of $0.670. The price has fallen in 4 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 thousand more shares were traded than the day before. In total, 49 thousand shares were bought and sold for approximately $33.03 thousand.
The stock 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 $0.675 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -11.41% during the next 3 months and, with a 90% probability hold a price between $0.567 and $0.598 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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ORE.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 3.08%. Further rise is indicated until a new top pivot has been found. Orezone Gold 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Orezone Gold Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.695. On a fall, the stock will find some support from the short-term average at $0.663. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Orezone Gold Corporation stock
Orezone Gold Corporation finds support from accumulated volume at $0.660 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 $0.0150 between high and low, or 2.29%. For the last week, the stock has had daily average volatility of 5.52%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ORE.TO) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Orezone Gold Corporation to open at $0.665, and during the day (based on 14 day Average True Range), to move between $0.636 and $0.704, which gives a possible trading interval of +/-$0.0341 (+/-5.09%) up or down from last closing price. If Orezone Gold Corporation takes out the full calculated possible swing range there will be an estimated 10.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.680 (1.49%) than the support at $0.660 (1.49%), 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 Orezone Gold Corporation stock A Buy?
Orezone Gold Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.966 Sell Candidate Unchanged
Predicted Opening Price for Orezone Gold Corporation of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $0.665 ( 0.746%) | $0.670 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORE.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.680 | 1.49% |
| R2 | 0.674 | 0.637% |
| R1 | 0.671 | 0.109% |
| Price | 0.670 | |
| S1 | 0.659 | -1.60% |
| S2 | 0.656 | -2.13% |
| S3 | 0.650 | -2.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.720 | 7.46% |
| R2 | 0.690 | 2.99% |
| R1 | 0.680 | 1.49% |
| Price | 0.670 | |
| S1 | 0.660 | -1.49% |
| S2 | 0.650 | -2.99% |
| S3 | 0 | - |
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