Tanzanian Royalty Exploration Corp. (US) Stock Forecast

Tanzanian Royalty Exploration Corp. (US) stock downgraded to Hold/Accumulate
(Updated on Apr 25, 2024)

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 $0.457. On a fall, the stock will find some support from the long-term average at approximately $0.419. 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. 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. The very low volume increases the risk and reduces the other technical signals issued. 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 -3.86%. 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 Tanzanian Royalty Exploration Corp. (US) stock

Tanzanian Royalty Exploration Corp. (US) finds support from accumulated volume at $0.447 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 $0.0099 between high and low, or 2.20%. For the last week, the stock has had daily average volatility of 3.03%.

Our recommended stop-loss: $0.429 (-5.26%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (TRX) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Tanzanian Royalty Exploration Corp. (US) to open at $0.454, and during the day (based on 14 day Average True Range), to move between $0.426 and $0.480, which gives a possible trading interval of +/-$0.0268 (+/-5.91%) 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 11.82% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.458 (1.13%) than the support at $0.447 (1.39%), 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?

Tanzanian Royalty Exploration Corp. (US) holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.388 Hold/Accumulate Downgraded

Predicted Opening Price for Tanzanian Royalty Exploration Corp. (US) of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.