Tanzanian Royalty Exploration Corp. (US) Stock Forecast
Tanzanian Royalty Exploration Corp. (US) stock price up 2.39% on Friday
(Updated on Apr 19, 2024)
The Tanzanian Royalty Exploration Corp. (US) stock price gained 2.39% on the last trading day (Friday, 19th Apr 2024), rising from $0.460 to $0.471. During the last trading day the stock fluctuated 5.24% from a day low at $0.456 to a day high of $0.480. The price has been going up and down for this period, and there has been a 2.61% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 thousand more shares were traded than the day before. In total, 415 thousand shares were bought and sold for approximately $195.35 thousand.
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 $0.481 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 40.63% during the next 3 months and, with a 90% probability hold a price between $0.564 and $0.677 at the end of this 3-month period.
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TRX Signals & Forecast
Mostly positive signals in the chart today. The Tanzanian Royalty Exploration Corp. (US) 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 $0.448 and $0.407. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 14.07%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Tanzanian Royalty Exploration Corp. (US) has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Tanzanian Royalty Exploration Corp. (US) stock
Tanzanian Royalty Exploration Corp. (US) finds support from accumulated volume at $0.470 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 $0.0239 between high and low, or 5.24%. For the last week, the stock has had daily average volatility of 9.42%.
Our recommended stop-loss: $0.453 (-3.80%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (TRX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Tanzanian Royalty Exploration Corp. (US) to open at $0.469, and during the day (based on 14 day Average True Range), to move between $0.439 and $0.503, which gives a possible trading interval of +/-$0.0316 (+/-6.71%) 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 13.42% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.470, some $0.0009 (0.19%) from the current price of $0.471, our system finds the risk reward attractive.
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: 3.666 Buy Candidate Unchanged
Predicted Opening Price for Tanzanian Royalty Exploration Corp. (US) of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.469 ( 0.432%) | $0.471 |
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 | 0.493 | 4.64 % | |
| R2 | 0.484 | 2.70 % | ||
| R1 | 0.478 | 1.51 % | ||
| Current price: | 0.471 | |||
| Support | S1 | 0.460 | -2.37 % | |
| S2 | 0.454 | -3.57 % | ||
| S3 | 0.445 | -5.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.471 | |||
| Support | S1 | 0.470 | -0.191% | |
| S2 | 0.416 | -11.68% | ||
| S3 | 0.413 | -12.34% |
FAQ
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