Group Eleven Resources Corp. Stock Forecast
Stronger technical forecast for Group Eleven Resources Corp. stock price after Tuesday trading.
(Updated on Jun 25, 2024)
The Group Eleven Resources Corp. stock price gained 2.94% on the last trading day (Tuesday, 25th Jun 2024), rising from $0.170 to $0.175. During the last trading day the stock fluctuated 2.86% from a day low at $0.175 to a day high of $0.180. The price has risen in 4 of the last 10 days but is still down by -7.89% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 49 thousand more shares were traded than the day before. In total, 67 thousand shares were bought and sold for approximately $11.73 thousand.
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 -20.11% during the next 3 months and, with a 90% probability hold a price between $0.113 and $0.166 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ZNG.V Signals & Forecast
Mostly positive signals in the chart today. The Group Eleven Resources 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 $0.174 and $0.172. 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 16.67%. 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). Group Eleven Resources Corp. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. 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 $0.170 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 $0.0050 between high and low, or 2.86%. For the last week, the stock has had daily average volatility of 3.58%.
Our recommended stop-loss: $0.168 (-3.96%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 57 days ago.)
Trading Expectations (ZNG.V) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Group Eleven Resources Corp. to open at $0.177, and during the day (based on 14 day Average True Range), to move between $0.164 and $0.186, which gives a possible trading interval of +/-$0.0106 (+/-6.06%) 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 12.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.170 (2.86%) than the resistance at $0.185 (5.71%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: 2.454 Buy Candidate Upgraded
Predicted Opening Price for Group Eleven Resources Corp. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.177 ( 0.95%) | $0.175 |
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 | 0.182 | 3.81% |
| R2 | 0.180 | 2.72% |
| R1 | 0.179 | 2.04% |
| Price | 0.175 | |
| S1 | 0.175 | -0.139% |
| S2 | 0.174 | -0.81% |
| S3 | 0.172 | -1.90% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.210 | 20.00% |
| R2 | 0.190 | 8.57% |
| R1 | 0.185 | 5.71% |
| Price | 0.175 | |
| S1 | 0.170 | -2.86% |
| S2 | 0.165 | -5.71% |
| S3 | 0.150 | -14.29% |
FAQ
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