HMY Price Prediction Next Week
Technical Analysis:
Based on the recent price action, HMY is currently trading at $11.17, showing a bearish trend in the short term with RSI at 32.79 indicating oversold conditions. The stock has experienced significant volatility with key technical indicators suggesting potential reversal points:
- MACD (12,26,9) shows a value of 0.51 with a negative histogram (-0.13), indicating weakening momentum
- Stochastic RSI (14,14,3,3) at 0.40 suggests oversold conditions
- Price is trading above major SMAs (200-day at $9.69, 60-day at $9.76)
Support and Resistance Levels:
- Key Fibonacci support levels: $11.22 (S1), $10.87 (S2)
- Key Fibonacci resistance levels: $12.34 (R1), $12.68 (R2)
News Impact: Recent news shows positive sentiment for gold miners:
- Trump's first day actions led to gold miners outperforming
- HMY saw a 4.3% gain amid rising trade fears
- The company benefits from increased geopolitical uncertainty
Price Prediction for Next Week: Based on technical analysis and news sentiment:
- Probable target: $12.34 (R1 level)
- Stop loss: $10.87 (S2 level)
- The oversold conditions combined with positive news sentiment suggest a potential bounce
Recommendation: BUY
- Entry point: Current price ($11.17)
- Target: $12.34 (10.5% potential upside)
- Stop loss: $10.87 (2.7% downside risk)
- Risk/Reward ratio: 1:3.9
The positive outlook is supported by:
- Oversold technical conditions
- Price holding above major moving averages
- Positive news sentiment for gold miners
- Strong Fibonacci support levels nearby
HMY Similar Chart Price Prediction
The price of HMY is predicted to go up 1.69%, based on the high correlation periods with TD. The similarity of these two price pattern on the periods is 99.21%.
HMY
TD
Up: 1.69%Similarity: 99.21%
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HMY Analyst's Forecast
Catherine Cunningham
JP Morgan
Sell → Hold
2024-10-10
Price Target
$4.9 → $8.2
Downside
-18.16%
JPMorgan analyst Catherine Cunningham upgraded Harmony Gold to Neutral from Underweight with a price target of $8.20, up from $4.90, as part of a broader research note on Metals and Mining. Metal prices have been quick to react to China economic policy announcements but do not appear to assign significant risk premia to trade-related outcomes, specifically higher tariffs, despite this being a potential risk mentioned by clients post the U.S. Presidential election, the analyst tells investors in a research note. The firm adds however that in contrast to industrial metals, gold equities carry significant upside to the firm's price targets, stating that JPMorgan is bullish on gold heading into the Fed cutting cycle and geopolitical risk. Harmony is the most leveraged to gold prices in the firm's coverage as JPMorgan is raising its 2025 forward curve gold price by 11%, the firm noted.
