Eldorado Gold (EGO) Stock Nears $2.18: Still a Hold?

Eldorado Gold Corporation (NYSE:EGO) gained 2.35% in yesterday’s session, going up from its prior closing price of $2.13 to $2.18. The price has been moving in both directions for this period, and there has been a -1.8% loss over 10-day period. Trading activity decreased by -0.54 million shares, and in total, 5.85 M shares exchanged hands for about $12.76 million. It should be noted that increasing price and decreasing volume show lack of interest and this is a warning that something has fundamentally changed.


Inside EGO’s Recent Trend

Eldorado Gold Corporation (EGO) lies in the middle of a very wide and weak rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 5.9% over the course of a quarter and, with 90% chance the price will be floating in the range of $1.97 and $2.76 in this timeframe.

Eldorado Gold Corporation Technical Signals

EGO has witnessed its long term and short term MA triggering a sell signal. Upon corrections, the price will meet resistance from the averages between $2.21 and $2.21. A buy signal will be generated if it crosses above any of these levels.

Eldorado Gold Corporation (NYSE:EGO) Support And Resistance Levels

In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $2.06 and $1.99. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $2.26, $2.29 and $2.32.

It is important to note, however, that the stock needs to make its way through natural risk while testing a key support level. Once this support is broken, another support level will be to be established at a lower level. Turning back to this stock, Eldorado Gold Corporation approaches the first support point just current price at $2.06. In case of a break, the next support we will see from accumulated volume is going to be at $1.99 and $1.93. Accumulated volume is going to prevent the price from rising further at $2.26 and this action will lead the price to take a temporary pause or stay muted for a few days.

Eldorado Gold Corporation (EGO) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.06 (2.80%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.34%.

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