Golden Matrix Group, Inc. Stock Forecast
Golden Matrix Group, Inc. stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Golden Matrix Group, Inc. stock price gained 2.44% on the last trading day (Friday, 3rd May 2024), rising from $4.10 to $4.20. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 9.07% from a day low at $3.97 to a day high of $4.33. The price has risen in 7 of the last 10 days and is up by 32.91% over the past 2 weeks. Volume fell on the last day by -39 thousand shares and in total, 111 thousand shares were bought and sold for approximately $467.13 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 has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $4.17, a level that may pose a second chance to hit a runner. According to fan-theory $5.69 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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GMGI Signals & Forecast
The Golden Matrix Group, Inc. 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 $3.93 and $3.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 16.99%. 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 also not.
Support, Risk & Stop-loss for Golden Matrix Group, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.93 and $3.80. 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, Golden Matrix Group, Inc. finds support just below today's level at $3.93. If this is broken, then the next support from accumulated volume will be at $3.80 and $3.46.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.360 between high and low, or 9.07%. For the last week the stock has had daily average volatility of 10.07%.
Our recommended stop-loss: $4.07 (-3.06%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (GMGI) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Golden Matrix Group, Inc. to open at $4.17, and during the day (based on 14 day Average True Range), to move between $3.83 and $4.57, which gives a possible trading interval of +/-$0.370 (+/-8.82%) up or down from last closing price. If Golden Matrix Group, Inc. takes out the full calculated possible swing range there will be an estimated 17.63% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $3.93, some $0.270 (6.43%) from the current price of $4.20, our system finds the risk reward attractive.
Is Golden Matrix Group, Inc. stock A Buy?
Golden Matrix Group, Inc. holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 8.500 Strong Buy Candidate Upgraded
Predicted Opening Price for Golden Matrix Group, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $4.17 ( 0.794%) | $4.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMGI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.53 | 7.78 % | |
| R2 | 4.39 | 4.50 % | ||
| R1 | 4.30 | 2.48 % | ||
| Current price: | 4.20 | |||
| Support | S1 | 4.03 | -4.07 % | |
| S2 | 3.94 | -6.09 % | ||
| S3 | 3.81 | -9.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 4.20 | |||
| Support | S1 | 3.93 | -6.43% | |
| S2 | 3.80 | -9.52% | ||
| S3 | 3.46 | -17.62% |
FAQ
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