New Gold, Inc Stock Forecast
A very strong day for New Gold, Inc stock price on Wednesday
(Updated on Mar 27, 2024)
The New Gold, Inc stock price gained 6.96% on the last trading day (Wednesday, 27th Mar 2024), rising from $1.58 to $1.69. During the last trading day the stock fluctuated 7.94% from a day low at $1.58 to a day high of $1.70. The price has fallen in 5 of the last 10 days but is still up by 0.6% 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, 5 million more shares were traded than the day before. In total, 8 million shares were bought and sold for approximately $13.27 million.
The stock lies in the upper part of a very 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 $1.72 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 19.14% during the next 3 months and, with a 90% probability hold a price between $1.45 and $2.05 at the end of this 3-month period.
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NGD Signals & Forecast
The New Gold, 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 $1.62 and $1.40. A breakdown below any of these levels will issue sell signals. 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 Wednesday, March 20, 2024, and so far it has fallen -0.588%. 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 New Gold, Inc stock
New Gold, Inc finds support from accumulated volume at $1.68 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.125 between high and low, or 7.94%. For the last week, the stock has had daily average volatility of 6.65%.
Our recommended stop-loss: $1.62 (-4.00%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (NGD) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect New Gold, Inc to open at $1.66, and during the day (based on 14 day Average True Range), to move between $1.59 and $1.79, which gives a possible trading interval of +/-$0.0977 (+/-5.78%) up or down from last closing price. If New Gold, Inc takes out the full calculated possible swing range there will be an estimated 11.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.70 (0.59%) than the support at $1.68 (0.59%), 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 New Gold, Inc 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 New Gold, Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.631 Buy Candidate Upgraded
Predicted Opening Price for New Gold, Inc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$1.66 ( 2.07%) | $1.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.78 | 5.33 % | |
R2 | 1.73 | 2.50 % | ||
R1 | 1.70 | 0.754 % | ||
Current price: | 1.69 | |||
Support | S1 | 1.61 | -4.90 % | |
S2 | 1.58 | -6.64 % | ||
S3 | 1.53 | -9.47 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 1.70 | 0.592 % | ||
Current price | 1.69 | |||
Support | S1 | 1.68 | -0.592% | |
S2 | 1.67 | -1.18% | ||
S3 | 1.63 | -3.55% |
FAQ
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