Riversgold Limited Stock Forecast
High volatility in Riversgold Limited stock price on Thursday which ended trading at $0.0090
(Updated on May 16, 2024)
The Riversgold Limited stock price gained 28.57% on the last trading day (Thursday, 16th May 2024), rising from $0.0070 to $0.0090. During the last trading day the stock fluctuated 25.00% from a day low at $0.0080 to a day high of $0.0100. The price has been going up and down for this period, and there has been a 50% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 27 million more shares were traded than the day before. In total, 28 million shares were bought and sold for approximately $251.07 thousand.
Given the current short-term trend, the stock is expected to fall -23.55% during the next 3 months and, with a 90% probability hold a price between $0.0040 and $0.0069 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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RGL.AX Signals & Forecast
Mostly positive signals in the chart today. The Riversgold Limited stock 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 $0.0069 and $0.0068. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 50.00%. 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). Riversgold Limited 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. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Riversgold Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0080 and $0.0070. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0070 may give a huge drop in the stock price.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0020 between high and low, or 25.00%. For the last week, the stock has had daily average volatility of 11.19%.
The Riversgold Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.0087 (-3.40%) (This stock has high daily movements and this gives high risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (RGL.AX) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Riversgold Limited to open at $0.0090, and during the day (based on 14 day Average True Range), to move between $0.0084 and $0.0096, which gives a possible trading interval of +/-$0.0006 (+/-6.89%) up or down from last closing price. If Riversgold Limited takes out the full calculated possible swing range there will be an estimated 13.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0080 (11.11%) than the resistance at $0.0100 (11.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Riversgold Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.500 Buy Candidate Upgraded
Predicted Opening Price for Riversgold Limited of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $0.0090 ( 0.00000000%) | $0.0090 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RGL.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0110 | 22.22 % | |
| R2 | 0.0102 | 13.73 % | ||
| R1 | 0.0098 | 8.49 % | ||
| Current price: | 0.0090 | |||
| Support | S1 | 0.0082 | -8.49 % | |
| S2 | 0.0078 | -13.73 % | ||
| S3 | 0.0070 | -22.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.0100 | 11.11 % | ||
| Current price | 0.0090 | |||
| Support | S1 | 0.0080 | -11.11% | |
| S2 | 0.0070 | -22.22% | ||
| S3 | 0 | . |
FAQ
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