GMGI Stock Forecast: Will GMGI Stock Price Reach $5 Level?
GMGI stock is trading in a consolidation phase on the daily timeframe. Currently hovering above the important EMA levels. However, the bears trying to pull the price down.
The current trading price of GMGI stock stands at $2.89, which has experienced a decline of 1.37% during the intraday session. This signifies the dominance of bears in the previous sessions.
Additionally, Golden Matrix Group is expected to release its next earning reports in the next 16 days. If the reports turn out to be positive, then the price is likely to break the upper-level threshold of the consolidation phase and move upward. However, if the reports come out negative, then the price may further decline.
Throughout the year, the stock’s performance has been mixed. It has grown by 23.50% year-to-date, but recently it has faced bearish pressure and decreased by 6.77% in the recent week.
Golden Matrix Group, Inc. based in Las Vegas, NV provides casino, sportsbook, and competition products. Its brands are R Kings Competitions, MexPlay, and GM-AG. It has two segments: Business-to-business (B2B) and Business-to-consumer (B2C).
The B2B segment deals with the fees of using its software and royalties on using third-party gaming content. The B2C segment is about the fees to join prize competitions in the United Kingdom. The company was started by Weiting Feng and Anthony Brian Goodman on June 4, 2008.
There are some risk factors in the stock price as its earnings have declined by almost 41% per year over the last 5 years and it is also volatile in the last months.
Despite some weaknesses, the company has strong points. For instance, it has sufficient cash to operate for one year, no negative shareholding equity, and a meaningful market cap of $106 million.
Technical Analysis of GMGI Stock Price On The Daily Technical Chart
Source: Tradingview
Exponential Moving Average (EMA): The stock price is currently trading above the 50, 100, and 200-day EMA levels indicating the buyers are still supporting the price.
Moving Average Convergence Divergence (MACD): MACD is heading in the downward direction with a bearish cross and the red bars on the histogram indicate the weakness in the price.
Relative Strength Index (RSI): The RSI curve is hovering in the middle zone near 50, showcasing the trend’s neutrality.
Overall the indicators are demonstrating neutrality in the trend and now the GMGI earning reports will decide the direction of the price and trend.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
