Harmony Gold Mining Company Limited Stock Forecast

A very red day for Harmony Gold Mining Company Limited stock price after a -5.93% fall in the Tuesday trading session
(Updated on Apr 30, 2024)

HMY Signals & Forecast

A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -7.75%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Harmony Gold Mining Company Limited 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 $8.84. On a fall, the stock will find some support from the long-term average at approximately $8.46. 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.

Support, Risk & Stop-loss for Harmony Gold Mining Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $7.93 and $6.78. 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, Harmony Gold Mining Company Limited finds support just below today's level at $7.93. If this is broken, then the next support from accumulated volume will be at $6.78 and $6.70.

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 $0.395 between high and low, or 4.62%. For the last week, the stock has had daily average volatility of 3.95%.

Our recommended stop-loss: $8.13 (-5.10%) (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 (HMY) For The Upcoming Trading Day Of Wednesday 1st

For the upcoming trading day on Wednesday, 1st we expect Harmony Gold Mining Company Limited to open at $8.69, and during the day (based on 14 day Average True Range), to move between $8.17 and $8.97, which gives a possible trading interval of +/-$0.400 (+/-4.67%) up or down from last closing price. If Harmony Gold Mining Company Limited takes out the full calculated possible swing range there will be an estimated 9.34% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $8.59 (0.23%) than the support at $7.93 (7.47%), 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 Harmony Gold Mining Company Limited stock A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 2.797 Buy Candidate Unchanged

Predicted Opening Price for Harmony Gold Mining Company Limited of Wednesday, May 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.