Investing in Eldorado Gold Corporation (EGO) Is Getting More Attractive

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Following these proceedings, Canaccord Genuity upgraded its Eldorado Gold Corporation [EGO] rating to a Buy from a a Hold in a research note published on Tuesday. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in early October from “an Underperform” to “a Sector perform”. BofA/Merrill also remained covering EGO and has increased its forecast on March 04, 2020 with a “Buy” recommendation from previously “an Underperform” rating. CIBC revised its rating on February 25, 2020. It rated EGO as “a Neutral” which previously was an “a Sector outperform”.

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Price Performance Review of EGO

On Tuesday, Eldorado Gold Corporation [NYSE:EGO] saw its stock jump 2.17% to $9.42. On the same session, the stock had its day’s lowest price of $9.07, but rose to a high of $9.49. Over the last five days, the stock has gained 7.78%. Eldorado Gold Corporation shares have risen nearly 12.68% since the year began. Nevertheless, the stocks have risen 2.17% over the past one year. While a 52-week high of $12.49 was reached on 01/24/23, a 52-week low of $5.06 was recorded on 01/03/23. SMA at 50 days reached $8.15, while 200 days put it at $7.37. A total of 1.74 million shares were traded, compared to the trading of 1.57 million shares in the previous session.

Levels Of Support And Resistance For EGO Stock

The 24-hour chart illustrates a support level at 9.16, which if violated will result in even more drops to 8.91. On the upside, there is a resistance level at 9.58. A further resistance level may holdings at 9.75. The Relative Strength Index (RSI) on the 14-day chart is 65.68, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.33, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 7.14%. Stochastics %K at 94.81% indicates the stock is a selling.

How much short interest is there in Eldorado Gold Corporation?

A steep rise in short interest was recorded in Eldorado Gold Corporation stocks on Oct 13, 2022, dropping by -2.32 million shares to a total of 4.94 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 7.26 million shares. There was a decline of -46.96%, which implies that there is a negative sentiment for the stock.

According to FactSet, Eldorado Gold Corporation’s share price will average $10.71 in the next year, based on opinions of analysts polled by the firm. This is up nearly 13.88 percent from its previous closing price of $9.22. Analysts expect Eldorado Gold Corporation stock to reach the higher price of $13.06, while the lowest price estimate is $7.50. However, 11 analysts have rated EGO stock as an Overweight in their predictions for 2023.

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