Eldorado Gold Corporation Stock Forecast
Weaker technical forecast for Eldorado Gold Corporation as stock downgraded to Hold/Accumulate.
(Updated on Apr 15, 2024)
The Eldorado Gold Corporation stock price fell by -0.264% on the last day (Monday, 15th Apr 2024) from $15.14 to $15.10. During the last trading day the stock fluctuated 3.40% from a day low at $14.81 to a day high of $15.32. The price has been going up and down for this period, and there has been a 5.01% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 1 million shares were bought and sold for approximately $22.11 million.
The stock lies in the upper part of a very 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 $15.86 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 24.23% during the next 3 months and, with a 90% probability hold a price between $14.59 and $19.70 at the end of this 3-month period.
EGO Signals & Forecast
The Eldorado Gold Corporation 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 $15.28. On a fall, the stock will find some support from the long-term average at approximately $13.22. 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. 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 09, 2024, and so far it has fallen -3.58%. Further fall is indicated until a new bottom pivot has been found. 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 Eldorado Gold Corporation stock
Eldorado Gold Corporation finds support from accumulated volume at $14.77 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.504 between high and low, or 3.40%. For the last week, the stock has had daily average volatility of 4.30%.
Our recommended stop-loss: $14.38 (-4.74%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (EGO) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Eldorado Gold Corporation to open at $15.08, and during the day (based on 14 day Average True Range), to move between $14.57 and $15.63, which gives a possible trading interval of +/-$0.527 (+/-3.49%) up or down from last closing price. If Eldorado Gold Corporation takes out the full calculated possible swing range there will be an estimated 6.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $15.12 (0.13%) than the support at $14.77 (2.19%), 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 Eldorado Gold Corporation stock A Buy?
Eldorado Gold Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.555 Hold/Accumulate Downgraded
Predicted Opening Price for Eldorado Gold Corporation of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $15.08 ( 0.163%) | $15.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EGO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.58 | 3.17 % | |
| R2 | 15.39 | 1.90 % | ||
| R1 | 15.27 | 1.11 % | ||
| Current price: | 15.10 | |||
| Support | S1 | 14.88 | -1.44 % | |
| S2 | 14.76 | -2.23 % | ||
| S3 | 14.57 | -3.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.66 | 3.71 % | |
| R2 | 15.14 | 0.265 % | ||
| R1 | 15.12 | 0.132 % | ||
| Current price | 15.10 | |||
| Support | S1 | 14.77 | -2.19% | |
| S2 | 12.21 | -19.14% | ||
| S3 | 11.80 | -21.85% |
EGO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 24, 2017 | Mar 03, 2017 | Dec 31, 2018 | $0.0750 | 2.60% |
| 2 | Jul 31, 2015 | Aug 13, 2015 | Aug 26, 2015 | $0.0400 | 0.278% |
| 3 | Jan 22, 2015 | Jan 29, 2015 | Feb 16, 2015 | $0.0400 | 0.162% |
| 4 | Aug 01, 2014 | Aug 13, 2014 | Aug 26, 2014 | $0.0450 | 0.110% |
| 5 | Jan 17, 2014 | Jan 29, 2014 | Feb 14, 2014 | $0.0450 | 0.126% |
FAQ
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