Tongling Nonferrous Metals Group Co Ltd Stock Forecast
Evaluation of Tongling Nonferrous Metals Group Co Ltd stock downgraded after the last trading session.
(Updated on May 07, 2024)
The Tongling Nonferrous Metals Group Co Ltd stock price fell by -1.72% on the last day (Tuesday, 7th May 2024) from ¥4.07 to ¥4.00. During the last trading day the stock fluctuated 3.26% from a day low at ¥3.99 to a day high of ¥4.12. The price has been going up and down for this period, and there has been a -6.54% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -13 million shares and in total, 260 million shares were bought and sold for approximately ¥1.04 billion.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥3.94 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 28.77% during the next 3 months and, with a 90% probability hold a price between ¥5.07 and ¥5.75 at the end of this 3-month period.
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000630.SZ Signals & Forecast
The Tongling Nonferrous Metals Group Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥3.99 and ¥3.99. A breakdown below any of these levels will issue sell signals. 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 Thursday, April 18, 2024, and so far it has fallen -6.54%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Tongling Nonferrous Metals Group Co Ltd stock
Tongling Nonferrous Metals Group Co Ltd finds support from accumulated volume at ¥3.97 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 ¥0.130 between high and low, or 3.26%. For the last week, the stock has had daily average volatility of 5.20%.
Our recommended stop-loss: ¥3.78 (-5.45%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (000630.SZ) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Tongling Nonferrous Metals Group Co Ltd to open at ¥4.04, and during the day (based on 14 day Average True Range), to move between ¥3.75 and ¥4.25, which gives a possible trading interval of +/-¥0.250 (+/-6.25%) up or down from last closing price. If Tongling Nonferrous Metals Group Co Ltd takes out the full calculated possible swing range there will be an estimated 12.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥3.97 (0.75%) than the resistance at ¥4.11 (2.75%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tongling Nonferrous Metals Group Co Ltd stock A Buy?
Tongling Nonferrous Metals Group Co Ltd 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: 0.224 Hold/Accumulate Downgraded
Predicted Opening Price for Tongling Nonferrous Metals Group Co Ltd of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| ¥4.04 ( 0.92%) | ¥4.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000630.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.17 | 4.17 % | |
| R2 | 4.12 | 2.93 % | ||
| R1 | 4.09 | 2.16 % | ||
| Current price: | 4.00 | |||
| Support | S1 | 3.99 | -0.325 % | |
| S2 | 3.96 | -1.09 % | ||
| S3 | 3.91 | -2.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.24 | 6.00 % | |
| R2 | 4.12 | 3.00 % | ||
| R1 | 4.11 | 2.75 % | ||
| Current price | 4.00 | |||
| Support | S1 | 3.97 | -0.750% | |
| S2 | 3.80 | -5.00% | ||
| S3 | 3.79 | -5.25% |
000630 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 02, 2023 | Jun 02, 2023 | Jun 02, 2023 | ¥0.0500 | 1.70% |
| 2 | May 23, 2022 | May 23, 2022 | May 23, 2022 | ¥0.100 | 3.04% |
| 3 | May 31, 2021 | May 31, 2021 | May 31, 2021 | ¥0.0400 | 1.38% |
| 4 | Jun 22, 2020 | Jun 22, 2020 | Jun 22, 2020 | ¥0.0100 | 0.518% |
| 5 | May 30, 2019 | May 30, 2019 | May 30, 2019 | ¥0.0300 | 1.24% |
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