PEN/CLP Currency Pair Forecast

Red day on Friday for PEN/CLP
(Updated on May 17, 2024)

PENCLP Signals & Forecast

There are few to no technical positive signals at the moment. The PEN/CLP currency pair 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 $247.23 and $254.64. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, March 31, 2024, and so far it has fallen -8.99%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for PEN/CLP currency pair

There is no support from accumulated volume below today's level and given the right condition the currency pair may perform very badly in the next couple of days.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $3.46 between high and low, or 1.46%. For the last week the currency pair has had daily average volatility of 1.15%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (PENCLP) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect PEN/CLP to open at $239.99, and during the day (based on 14 day Average True Range), to move between $236.60 and $245.70, which gives a possible trading interval of +/-$4.55 (+/-1.89%) up or down from last closing price. If PEN/CLP takes out the full calculated possible swing range there will be an estimated 3.77% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $247.00, some $5.85 (2.43%) from the current price of $241.15, our system finds the risk reward not very attractive.

Is PEN/CLP currency pair A Buy?

PEN/CLP holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.

Current score: -2.143 Sell Candidate Unchanged

Predicted Opening Price for PEN/CLP of Monday, May 20, 2024

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