Minmetals Land Limited Stock Forecast

High volatility in Minmetals Land Limited stock price on Friday which ended trading at HK$0.550
(Updated on May 17, 2024)

0230.HK Signals & Forecast

Mostly positive signals in the chart today. The Minmetals Land Limited 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 HK$0.505 and HK$0.371. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 22, 2024, and so far it has risen 115.69%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Minmetals Land Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for Minmetals Land Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.520 and HK$0.500. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Minmetals Land Limited finds support just below today's level at HK$0.520. If this is broken, then the next support from accumulated volume will be at HK$0.500 and HK$0.475.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0600 between high and low, or 11.32%. For the last week, the stock has had daily average volatility of 7.01%.

The Minmetals Land Limited stock is extremely overbought on RSI14 (80). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: HK$0.531 (-3.40%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 35 days ago.)

Trading Expectations (0230.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Minmetals Land Limited to open at HK$0.557, and during the day (based on 14 day Average True Range), to move between HK$0.513 and HK$0.587, which gives a possible trading interval of +/-HK$0.0371 (+/-6.75%) up or down from last closing price. If Minmetals Land Limited takes out the full calculated possible swing range there will be an estimated 13.50% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$0.520, some HK$0.0300 (5.45%) from the current price of HK$0.550, our system finds the risk reward attractive.

Is Minmetals Land Limited stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Minmetals Land Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.969 Strong Buy Candidate Upgraded

Predicted Opening Price for Minmetals Land Limited of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.