Kinross Gold Corporation Stock Forecast
Kinross Gold Corporation stock upgraded to Strong Buy Candidate.
(Updated on Apr 19, 2024)
The Kinross Gold Corporation stock price gained 3.99% on the last trading day (Friday, 19th Apr 2024), rising from $6.51 to $6.77. 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 5.33% from a day low at $6.47 to a day high of $6.82. The price has risen in 6 of the last 10 days and is up by 5.78% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 23 million shares were bought and sold for approximately $158.12 million.
The stock lies in the upper part of a 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 $6.88 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 23.16% during the next 3 months and, with a 90% probability hold a price between $6.81 and $8.47 at the end of this 3-month period.
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KGC Signals & Forecast
The Kinross Gold Corporation 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 $6.47 and $5.93. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 28, 2024, and so far it has risen 41.63%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Kinross Gold Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.40 and $6.38. 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, Kinross Gold Corporation finds support just below today's level at $6.40. If this is broken, then the next support from accumulated volume will be at $6.38 and $5.37.
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 $0.345 between high and low, or 5.33%. For the last week, the stock has had daily average volatility of 3.59%.
Our recommended stop-loss: $6.53 (-3.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (KGC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Kinross Gold Corporation to open at $6.69, and during the day (based on 14 day Average True Range), to move between $6.55 and $6.99, which gives a possible trading interval of +/-$0.222 (+/-3.28%) up or down from last closing price. If Kinross Gold Corporation takes out the full calculated possible swing range there will be an estimated 6.57% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.40, some $0.370 (5.47%) from the current price of $6.77, our system finds the risk reward attractive.
Is Kinross Gold Corporation stock A Buy?
Kinross Gold Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". 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: 7.710 Strong Buy Candidate Upgraded
Predicted Opening Price for Kinross Gold Corporation of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $6.69 ( 1.26%) | $6.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KGC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.03 | 3.84 % | |
| R2 | 6.90 | 1.89 % | ||
| R1 | 6.82 | 0.691 % | ||
| Current price: | 6.77 | |||
| Support | S1 | 6.55 | -3.20 % | |
| S2 | 6.47 | -4.40 % | ||
| S3 | 6.34 | -6.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.77 | |||
| Support | S1 | 6.40 | -5.47% | |
| S2 | 6.38 | -5.76% | ||
| S3 | 5.37 | -20.68% |
KGC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 14, 2024 | Mar 05, 2024 | Mar 21, 2024 | $0.0300 | 0.524% |
| 2 | Nov 08, 2023 | Nov 29, 2023 | Dec 14, 2023 | $0.0300 | 0.490% |
| 3 | Aug 02, 2023 | Aug 23, 2023 | Sep 08, 2023 | $0.0300 | 0.629% |
| 4 | May 09, 2023 | May 31, 2023 | Jun 15, 2023 | $0.0300 | 0.616% |
| 5 | Feb 15, 2023 | Mar 07, 2023 | Mar 23, 2023 | $0.0300 | 0.703% |
FAQ
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