Tanzanian Royalty Exploration Corp. (US) Stock Forecast
Tanzanian Royalty Exploration Corp. (US) stock price down 1.20% on Friday
(Updated on May 03, 2024)
The Tanzanian Royalty Exploration Corp. (US) stock price fell by -1.20% on the last day (Friday, 3rd May 2024) from $0.450 to $0.445. During the last trading day the stock fluctuated 3.48% from a day low at $0.443 to a day high of $0.458. The price has been going up and down for this period, and there has been a -5.54% loss for the last 2 weeks. 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 -42 thousand shares and in total, 180 thousand shares were bought and sold for approximately $79.94 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.439 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 47.53% during the next 3 months and, with a 90% probability hold a price between $0.648 and $0.733 at the end of this 3-month period.
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TRX Signals & Forecast
The Tanzanian Royalty Exploration Corp. (US) 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 $0.450. On a fall, the stock will find some support from the long-term average at approximately $0.429. 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. 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 Friday, April 19, 2024, and so far it has fallen -5.54%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Tanzanian Royalty Exploration Corp. (US) stock
Tanzanian Royalty Exploration Corp. (US) finds support from accumulated volume at $0.437 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0154 between high and low, or 3.48%. For the last week the stock has had daily average volatility of 3.65%.
Our recommended stop-loss: $0.423 (-4.91%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (TRX) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Tanzanian Royalty Exploration Corp. (US) to open at $0.449, and during the day (based on 14 day Average True Range), to move between $0.422 and $0.468, which gives a possible trading interval of +/-$0.0228 (+/-5.12%) up or down from last closing price. If Tanzanian Royalty Exploration Corp. (US) takes out the full calculated possible swing range there will be an estimated 10.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.447 (0.36%) than the support at $0.437 (1.75%), 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 Tanzanian Royalty Exploration Corp. (US) 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 Tanzanian Royalty Exploration Corp. (US) stock to perform well in the short-term.
Current score: 3.543 Buy Candidate Unchanged
Predicted Opening Price for Tanzanian Royalty Exploration Corp. (US) of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$0.449 ( 0.81%) | $0.445 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.464 | 4.27 % | |
R2 | 0.458 | 2.95 % | ||
R1 | 0.454 | 2.13 % | ||
Current price: | 0.445 | |||
Support | S1 | 0.443 | -0.513 % | |
S2 | 0.439 | -1.33 % | ||
S3 | 0.433 | -2.65 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.470 | 5.66 % | |
R2 | 0.458 | 2.92 % | ||
R1 | 0.447 | 0.360 % | ||
Current price | 0.445 | |||
Support | S1 | 0.437 | -1.75% | |
S2 | 0.416 | -6.50% | ||
S3 | 0.413 | -7.19% |
FAQ
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