Group Eleven Resources Corp. Stock Forecast
Stronger technical forecast for Group Eleven Resources Corp. stock price after Friday trading.
(Updated on Jun 14, 2024)
The Group Eleven Resources Corp. stock price gained 2.86% on the last trading day (Friday, 14th Jun 2024), rising from $0.175 to $0.180. During the last trading day the stock fluctuated 0% from a day low at $0.180 to a day high of $0.180. The price has been going up and down for this period, and there has been a 9.09% gain for the last 2 weeks. Volume fell on the last day by -167 thousand shares and in total, 86 thousand shares were bought and sold for approximately $15.47 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 very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -13.30% during the next 3 months and, with a 90% probability hold a price between $0.128 and $0.197 at the end of this 3-month period.
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ZNG.V Signals & Forecast
The Group Eleven Resources Corp. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.174 and $0.174. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 10, 2024, and so far it has risen 20.00%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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.
Support, Risk & Stop-loss for Group Eleven Resources Corp. stock
Group Eleven Resources Corp. finds support from accumulated volume at $0.175 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 between high and low, or 0%. For the last week the stock has had daily average volatility of 8.10%.
Our recommended stop-loss: $0.174 (-3.54%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 50 days ago.)
Trading Expectations (ZNG.V) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect Group Eleven Resources Corp. to open at $0.180, and during the day (based on 14 day Average True Range), to move between $0.167 and $0.193, which gives a possible trading interval of +/-$0.0134 (+/-7.44%) up or down from last closing price. If Group Eleven Resources Corp. takes out the full calculated possible swing range there will be an estimated 14.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.185 (2.78%) than the support at $0.175 (2.78%), 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 Group Eleven Resources Corp. 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: 1.337 Buy Candidate Upgraded
Predicted Opening Price for Group Eleven Resources Corp. of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| $0.180 ( 0.00000000%) | $0.180 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZNG.V
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.180 | 0.00000000% |
| R2 | 0.180 | 0.00000000% |
| R1 | 0.180 | 0.00000000% |
| Price | 0.180 | |
| S1 | 0.180 | 0.00000000% |
| S2 | 0.180 | 0.00000000% |
| S3 | 0.180 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.210 | 16.67% |
| R2 | 0.190 | 5.56% |
| R1 | 0.185 | 2.78% |
| Price | 0.180 | |
| S1 | 0.175 | -2.78% |
| S2 | 0.170 | -5.56% |
| S3 | 0.165 | -8.33% |
FAQ
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