Western Copper and Gold Corp Stock Forecast
High volatility in Western Copper and Gold Corp stock price on Friday which ended trading at $1.57
(Updated on Apr 26, 2024)
The Western Copper and Gold Corp stock price gained 7.90% on the last trading day (Friday, 26th Apr 2024), rising from $1.46 to $1.57. 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 10.34% from a day low at $1.45 to a day high of $1.60. The price has risen in 6 of the last 10 days and is up by 2.28% 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, 295 thousand more shares were traded than the day before. In total, 381 thousand shares were bought and sold for approximately $597.73 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 46.63% during the next 3 months and, with a 90% probability hold a price between $2.02 and $2.71 at the end of this 3-month period.
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WRN Signals & Forecast
The Western Copper and Gold Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.45 and $1.49. A breakdown below any of these levels will issue sell signals. Western Copper and Gold Corp 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. 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 -1.88%. 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 Western Copper and Gold Corp stock
Western Copper and Gold Corp finds support from accumulated volume at $1.53 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.150 between high and low, or 10.34%. For the last week, the stock has had daily average volatility of 5.49%.
Our recommended stop-loss: $1.50 (-4.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (WRN) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Western Copper and Gold Corp to open at $1.54, and during the day (based on 14 day Average True Range), to move between $1.49 and $1.65, which gives a possible trading interval of +/-$0.0756 (+/-4.82%) up or down from last closing price. If Western Copper and Gold Corp takes out the full calculated possible swing range there will be an estimated 9.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.58 (0.64%) than the support at $1.53 (2.55%), 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.
Earnings coming up
Western Copper and Gold Corp will release earnings BMO on Thursday, May 02, 2024. We will update the financials statements for Western Copper and Gold Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.01% in the first trading day after earnings release.
Is Western Copper and Gold Corp 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 Western Copper and Gold Corp stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.757 Buy Candidate Upgraded
Predicted Opening Price for Western Copper and Gold Corp of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $1.54 ( 1.91%) | $1.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.69 | 7.64 % | |
| R2 | 1.63 | 3.99 % | ||
| R1 | 1.60 | 1.74 % | ||
| Current price: | 1.57 | |||
| Support | S1 | 1.48 | -5.56 % | |
| S2 | 1.45 | -7.82 % | ||
| S3 | 1.39 | -11.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.60 | 1.91 % | |
| R2 | 1.59 | 1.27 % | ||
| R1 | 1.58 | 0.637 % | ||
| Current price | 1.57 | |||
| Support | S1 | 1.53 | -2.55% | |
| S2 | 1.51 | -3.82% | ||
| S3 | 1.42 | -9.55% |
FAQ
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