Tanzanian Royalty Exploration Corp. (US) Stock Forecast
Green day on Thursday for Tanzanian Royalty Exploration Corp. (US) stock after gaining 3.02%
(Updated on Apr 18, 2024)
The Tanzanian Royalty Exploration Corp. (US) stock price gained 3.02% on the last trading day (Thursday, 18th Apr 2024), rising from $0.447 to $0.460. During the last trading day the stock fluctuated 4.77% from a day low at $0.447 to a day high of $0.468. The price has been going up and down for this period, and there has been a 4.55% gain for the last 2 weeks. Volume fell on the last day by -531 thousand shares and in total, 404 thousand shares were bought and sold for approximately $185.65 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 stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.474 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 38.17% during the next 3 months and, with a 90% probability hold a price between $0.545 and $0.655 at the end of this 3-month period.
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TRX Signals & Forecast
The Tanzanian Royalty Exploration Corp. (US) 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 $0.444 and $0.403. 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 Tuesday, April 16, 2024, and so far it has fallen -2.15%. Further fall is indicated until a new bottom pivot has been found. 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 also not.
Support, Risk & Stop-loss for Tanzanian Royalty Exploration Corp. (US) stock
Tanzanian Royalty Exploration Corp. (US) finds support from accumulated volume at $0.447 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0213 between high and low, or 4.77%. For the last week the stock has had daily average volatility of 12.27%.
Our recommended stop-loss: $0.441 (-4.03%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (TRX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Tanzanian Royalty Exploration Corp. (US) to open at $0.458, and during the day (based on 14 day Average True Range), to move between $0.428 and $0.492, which gives a possible trading interval of +/-$0.0322 (+/-7.00%) up or down from last closing price. If Tanzanian Royalty Exploration Corp. (US) takes out the full calculated possible swing range there will be an estimated 14.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.470 (2.20%) than the support at $0.447 (2.93%), 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 Tanzanian Royalty Exploration Corp. (US) 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 Tanzanian Royalty Exploration Corp. (US) stock to perform well in the short-term.
Current score: 2.598 Buy Candidate Unchanged
Predicted Opening Price for Tanzanian Royalty Exploration Corp. (US) of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $0.458 ( 0.413%) | $0.460 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.479 | 4.22 % | |
| R2 | 0.471 | 2.45 % | ||
| R1 | 0.466 | 1.36 % | ||
| Current price: | 0.460 | |||
| Support | S1 | 0.450 | -2.18 % | |
| S2 | 0.445 | -3.27 % | ||
| S3 | 0.437 | -5.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.470 | 2.20 % | ||
| Current price | 0.460 | |||
| Support | S1 | 0.447 | -2.93% | |
| S2 | 0.416 | -9.57% | ||
| S3 | 0.413 | -10.24% |
FAQ
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