Harmony Gold Mining Company Limited Stock Forecast
Harmony Gold Mining Company Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Apr 19, 2024)
The Harmony Gold Mining Company Limited stock price gained 1.86% on the last trading day (Friday, 19th Apr 2024), rising from $9.12 to $9.29. 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 3.09% from a day low at $9.05 to a day high of $9.33. The price has risen in 6 of the last 10 days and is up by 5.09% 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, 110 thousand more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately $54.89 million.
The stock lies in the middle of a 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 63.28% during the next 3 months and, with a 90% probability hold a price between $13.68 and $16.51 at the end of this 3-month period.
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HMY Signals & Forecast
Mostly positive signals in the chart today. The Harmony Gold Mining Company Limited 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 $9.10 and $8.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 13, 2024, and so far it has risen 69.84%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Harmony Gold Mining Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $8.59 and $7.93. 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, Harmony Gold Mining Company Limited finds support just below today's level at $8.59. If this is broken, then the next support from accumulated volume will be at $7.93 and $7.76.
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 $0.280 between high and low, or 3.09%. For the last week, the stock has had daily average volatility of 3.93%.
Our recommended stop-loss: $8.97 (-3.48%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 46 days ago.)
Trading Expectations (HMY) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Harmony Gold Mining Company Limited to open at $9.22, and during the day (based on 14 day Average True Range), to move between $8.92 and $9.66, which gives a possible trading interval of +/-$0.371 (+/-3.99%) up or down from last closing price. If Harmony Gold Mining Company Limited takes out the full calculated possible swing range there will be an estimated 7.98% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $8.59, some $0.700 (7.53%) from the current price of $9.29, our system finds the risk reward attractive.
Is Harmony Gold Mining Company Limited stock A Buy?
Harmony Gold Mining Company Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.013 Strong Buy Candidate Upgraded
Predicted Opening Price for Harmony Gold Mining Company Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $9.22 ( 0.717%) | $9.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HMY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.50 | 2.30 % | |
| R2 | 9.40 | 1.14 % | ||
| R1 | 9.33 | 0.434 % | ||
| Current price: | 9.29 | |||
| Support | S1 | 9.12 | -1.87 % | |
| S2 | 9.05 | -2.58 % | ||
| S3 | 8.94 | -3.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 9.29 | |||
| Support | S1 | 8.59 | -7.53% | |
| S2 | 7.93 | -14.64% | ||
| S3 | 7.76 | -16.47% |
HMY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Apr 11, 2024 | Apr 22, 2024 | $0.0623 | 0.671% |
| 2 | Aug 31, 2023 | Oct 12, 2023 | Oct 23, 2023 | $0.0300 | 0.621% |
| 3 | Sep 08, 2022 | Oct 13, 2022 | Oct 24, 2022 | $0.0130 | 0.478% |
| 4 | Mar 03, 2022 | Apr 07, 2022 | Apr 18, 2022 | $0.0260 | 0.539% |
| 5 | Sep 10, 2021 | Oct 14, 2021 | Oct 25, 2021 | $0.0190 | 0.477% |
FAQ
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