Soma Gold Corp. Stock Forecast

Evaluation of Soma Gold Corp. stock downgraded after the last trading session.
(Updated on Jun 14, 2024)

SOMA.V Signals & Forecast

The Soma Gold Corp. 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 $0.563 and $0.553. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -3.39%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock 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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, April 30, 2024 and based on theory for this formation the price should go up by 11.58% to $0.636 within 25 trading days since signal was issued (Monday, June 17, 2024).

Support, Risk & Stop-loss for Soma Gold Corp. stock

Soma Gold Corp. finds support from accumulated volume at $0.560 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 2.96%.

Our recommended stop-loss: $0.546 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)

Trading Expectations (SOMA.V) For The Upcoming Trading Day Of Monday 17th

For the upcoming trading day on Monday, 17th we expect Soma Gold Corp. to open at $0.570, and during the day (based on 14 day Average True Range), to move between $0.549 and $0.591, which gives a possible trading interval of +/-$0.0211 (+/-3.70%) up or down from last closing price. If Soma Gold Corp. takes out the full calculated possible swing range there will be an estimated 7.39% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.560 (1.75%) than the resistance at $0.580 (1.75%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Soma Gold Corp. stock A Buy?

Soma Gold Corp. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.232 Hold/Accumulate Downgraded

Predicted Opening Price for Soma Gold Corp. of Monday, June 17, 2024

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