PEN/COP Currency Pair Forecast
Green day on Friday for PEN/COP
(Updated on May 10, 2024)
The PEN/COP currency pair price gained 0.634% on the last trading day (Friday, 10th May 2024), rising from $1,045.98 to $1,052.61. During the last trading day the currency pair fluctuated 2.52% from a day low at $1,026.74 to a day high of $1,052.61. The price has risen in 6 of the last 10 days but is still down by -0.07% for this period. Volume fell on the last day by -1 shares and in total, 2 shares were bought and sold for approximately $2.11 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 currency pair lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 2.42% during the next 3 months and, with a 90% probability hold a price between $1,038.49 and $1,110.65 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PENCOP Signals & Forecast
There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -1.28%. 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The PEN/COP currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1,045.95 and $1,038.45. A breakdown below any of these levels will issue sell signals. The currency pair had a Golden Star Signal on Wednesday, April 17, 2024 in the long-term chart.
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 Wednesday, April 17, 2024 in the long-term chart.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.
A sell signal from a double top formation was found on Monday, April 22, 2024 and based on theory for this formation the price should fall by -7.86% to $969.92 within 28 trading days since signal was issued (Monday, May 13, 2024).
Support, Risk & Stop-loss for PEN/COP currency pair
PEN/COP finds support from accumulated volume at $1,035.53 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 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 $25.87 between high and low, or 2.52%. For the last week the currency pair has had daily average volatility of 2.23%
Our recommended stop-loss: $1,014.01 (-3.67%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (PENCOP) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect PEN/COP to open at $1,043.99, and during the day (based on 14 day Average True Range), to move between $1,029.09 and $1,076.14, which gives a possible trading interval of +/-$23.52 (+/-2.23%) up or down from last closing price. If PEN/COP takes out the full calculated possible swing range there will be an estimated 4.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,056.12 (0.33%) than the support at $1,035.53 (1.62%), 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 PEN/COP currency pair A Buy?
PEN/COP holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.907 Hold/Accumulate Unchanged
Predicted Opening Price for PEN/COP of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $1,043.99 ( 0.82%) | $1,052.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENCOP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,069.86 | 1.64 % | |
| R2 | 1,059.98 | 0.700 % | ||
| R1 | 1,053.87 | 0.120 % | ||
| Current price: | 1,052.61 | |||
| Support | S1 | 1,034.10 | -1.76 % | |
| S2 | 1,028.00 | -2.34 % | ||
| S3 | 1,018.11 | -3.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,059.93 | 0.695 % | |
| R2 | 1,056.52 | 0.372 % | ||
| R1 | 1,056.12 | 0.334 % | ||
| Current price | 1,052.61 | |||
| Support | S1 | 1,035.53 | -1.62% | |
| S2 | 1,029.55 | -2.19% | ||
| S3 | 1,005.63 | -4.46% |
FAQ
Click here for our free guide on how to buy PEN/COP Currency pair.
