Ero Copper Corp. Stock Forecast
Green day on Thursday for Ero Copper Corp. stock after gaining 1.93%
(Updated on Apr 18, 2024)
The Ero Copper Corp. stock price gained 1.93% on the last trading day (Thursday, 18th Apr 2024), rising from $27.46 to $27.99. During the last trading day the stock fluctuated 4.00% from a day low at $27.75 to a day high of $28.86. The price has fallen in 6 of the last 10 days and is down by -0.85% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 40 thousand more shares were traded than the day before. In total, 264 thousand shares were bought and sold for approximately $7.39 million.
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 45.26% during the next 3 months and, with a 90% probability hold a price between $37.86 and $44.55 at the end of this 3-month period.
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ERO.TO Signals & Forecast
The Ero Copper Corp. 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 $28.25. On a fall, the stock will find some support from the long-term average at approximately $25.96. 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. Volume is rising along with the price. This is considered to be a good technical signal. 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 -5.41%. 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).
Support, Risk & Stop-loss for Ero Copper Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $25.80 and $25.02. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ero Copper Corp. finds support just below today's level at $25.80. If this is broken, then the next support from accumulated volume will be at $25.02 and $24.51.
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 $1.11 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 4.45%.
Our recommended stop-loss: $26.56 (-5.11%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (ERO.TO) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Ero Copper Corp. to open at $28.20, and during the day (based on 14 day Average True Range), to move between $26.77 and $29.21, which gives a possible trading interval of +/-$1.22 (+/-4.35%) up or down from last closing price. If Ero Copper Corp. takes out the full calculated possible swing range there will be an estimated 8.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $28.18 (0.68%) than the support at $25.80 (7.82%), 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 Ero Copper Corp. 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 Ero Copper Corp. stock to perform well in the short-term.
Current score: 1.853 Buy Candidate Unchanged
Predicted Opening Price for Ero Copper Corp. of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$28.20 ( 0.750%) | $27.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERO.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 29.31 | 4.72 % | |
R2 | 28.89 | 3.20 % | ||
R1 | 28.62 | 2.27 % | ||
Current price: | 27.99 | |||
Support | S1 | 27.78 | -0.765 % | |
S2 | 27.51 | -1.70 % | ||
S3 | 27.09 | -3.22 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 28.42 | 1.54 % | |
R2 | 28.23 | 0.86 % | ||
R1 | 28.18 | 0.679 % | ||
Current price | 27.99 | |||
Support | S1 | 25.80 | -7.82% | |
S2 | 25.02 | -10.61% | ||
S3 | 24.51 | -12.43% |
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