Tanzanian Royalty Exploration Corp. (US) Stock Forecast
Tanzanian Royalty Exploration Corp. (US) stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The Tanzanian Royalty Exploration Corp. (US) stock price gained 1.59% on the last trading day (Friday, 26th Apr 2024), rising from $0.453 to $0.460. During the last trading day the stock fluctuated 2.34% from a day low at $0.453 to a day high of $0.464. The price has been going up and down for this period, and there has been a 10.58% gain for the last 2 weeks. Volume fell on the last day by -17 thousand shares and in total, 161 thousand shares were bought and sold for approximately $73.99 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 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 48.46% during the next 3 months and, with a 90% probability hold a price between $0.631 and $0.718 at the end of this 3-month period.
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TRX Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -2.34%. 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 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 $0.459 and $0.421. A breakdown below any of these levels will issue sell signals.
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 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 $0.0106 between high and low, or 2.34%. For the last week the stock has had daily average volatility of 2.45%.
Our recommended stop-loss: $0.441 (-4.06%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (TRX) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Tanzanian Royalty Exploration Corp. (US) to open at $0.459, and during the day (based on 14 day Average True Range), to move between $0.434 and $0.486, which gives a possible trading interval of +/-$0.0256 (+/-5.57%) 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 11.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.462 (0.43%) 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.979 Buy Candidate Upgraded
Predicted Opening Price for Tanzanian Royalty Exploration Corp. (US) of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.459 ( 0.246%) | $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 | 0.469 | 2.06 % | |
| R2 | 0.465 | 1.18 % | ||
| R1 | 0.463 | 0.634 % | ||
| Current price: | 0.460 | |||
| Support | S1 | 0.455 | -1.13 % | |
| S2 | 0.452 | -1.67 % | ||
| S3 | 0.448 | -2.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.471 | 2.39 % | |
| R2 | 0.470 | 2.20 % | ||
| R1 | 0.462 | 0.435 % | ||
| 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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