Taseko Mines Limited Stock Forecast
Red day on Tuesday for Taseko Mines Limited
(Updated on Apr 23, 2024)
The Taseko Mines Limited stock price gained 0.211% on the last trading day (Tuesday, 23rd Apr 2024), rising from $2.37 to $2.38. During the last trading day the stock fluctuated 7.96% from a day low at $2.26 to a day high of $2.44. The price has fallen in 6 of the last 10 days and is down by -6.13% for this period. Volume fell on the last day by -1 million shares and in total, 2 million shares were bought and sold for approximately $4.23 million. 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 stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 104.41% during the next 3 months and, with a 90% probability hold a price between $4.55 and $5.30 at the end of this 3-month period.
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TGB Signals & Forecast
The Taseko Mines Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $2.44. On a fall, the stock will find some support from the long-term average at approximately $2.15. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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, April 18, 2024, and so far it has fallen -6.72%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Taseko Mines Limited stock
Taseko Mines Limited finds support from accumulated volume at $2.30 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 $0.180 between high and low, or 7.96%. For the last week, the stock has had daily average volatility of 4.92%.
Our recommended stop-loss: $2.22 (-6.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (TGB) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Taseko Mines Limited to open at $2.35, and during the day (based on 14 day Average True Range), to move between $2.24 and $2.48, which gives a possible trading interval of +/-$0.121 (+/-5.13%) up or down from last closing price. If Taseko Mines Limited takes out the full calculated possible swing range there will be an estimated 10.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.30 (2.54%) than the resistance at $2.45 (3.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Taseko Mines Limited will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0200. We will update the financials statements for Taseko Mines Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.01% in the first trading day after earnings release.
Is Taseko Mines Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Taseko Mines Limited stock to perform well in the short-term.
Current score: 2.411 Buy Candidate Unchanged
Predicted Opening Price for Taseko Mines Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $2.35 ( 0.282%) | $2.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TGB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.53 | 7.34 % | |
| R2 | 2.46 | 4.43 % | ||
| R1 | 2.42 | 2.63 % | ||
| Current price: | 2.36 | |||
| Support | S1 | 2.28 | -3.20 % | |
| S2 | 2.24 | -5.00 % | ||
| S3 | 2.17 | -7.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.53 | 7.20 % | |
| R2 | 2.49 | 5.51 % | ||
| R1 | 2.45 | 3.81 % | ||
| Current price | 2.36 | |||
| Support | S1 | 2.30 | -2.54% | |
| S2 | 2.14 | -9.32% | ||
| S3 | 1.91 | -19.07% |
FAQ
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