NovaGold Resources Inc Stock Forecast
NovaGold Resources Inc stock downgraded from Buy Candidate to Sell Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The NovaGold Resources Inc stock price fell by -2.73% on the last day (Wednesday, 24th Apr 2024) from $2.93 to $2.85. During the last trading day the stock fluctuated 3.88% from a day low at $2.84 to a day high of $2.95. The price has fallen in 6 of the last 10 days and is down by -9.24% for this period. 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 -562 thousand shares and in total, 1 million shares were bought and sold for approximately $3.39 million.
The stock has broken the wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $2.91. A reaction back to this level may hold a second chance to get out before further falls.
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NG Signals & Forecast
There are few to no technical positive signals at the moment. The NovaGold Resources Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $3.00 and $2.89. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -13.90%. 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 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 NovaGold Resources Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.48 and $2.39. 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, NovaGold Resources Inc finds support just below today's level at $2.48. If this is broken, then the next support from accumulated volume will be at $2.39 and $2.37.
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 $0.110 between high and low, or 3.88%. For the last week, the stock has had daily average volatility of 5.51%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect NovaGold Resources Inc to open at $2.88, and during the day (based on 14 day Average True Range), to move between $2.68 and $3.02, which gives a possible trading interval of +/-$0.167 (+/-5.85%) up or down from last closing price. If NovaGold Resources Inc takes out the full calculated possible swing range there will be an estimated 11.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.04 (6.67%) than the support at $2.48 (12.98%), 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 NovaGold Resources Inc stock A Buy?
The NovaGold Resources Inc stock holds several negative signals and despite the positive trend, we believe NovaGold Resources Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -4.337 Sell Candidate Downgraded
Predicted Opening Price for NovaGold Resources Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2.88 ( 0.94%) | $2.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.99 | 4.80 % | |
| R2 | 2.94 | 3.32 % | ||
| R1 | 2.92 | 2.41 % | ||
| Current price: | 2.85 | |||
| Support | S1 | 2.83 | -0.539 % | |
| S2 | 2.81 | -1.45 % | ||
| S3 | 2.77 | -2.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.15 | 10.53 % | |
| R2 | 3.14 | 10.18 % | ||
| R1 | 3.04 | 6.67 % | ||
| Current price | 2.85 | |||
| Support | S1 | 2.48 | -12.98% | |
| S2 | 2.39 | -16.14% | ||
| S3 | 2.37 | -16.84% |
FAQ
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