Maanshan Iron & Steel Company Limited Stock Forecast
Maanshan Iron & Steel Company Limited stock price up 4.84% on Friday
(Updated on May 17, 2024)
The Maanshan Iron & Steel Company Limited stock price gained 4.84% on the last trading day (Friday, 17th May 2024), rising from HK$1.24 to HK$1.30. During the last trading day the stock fluctuated 3.17% from a day low at HK$1.26 to a day high of HK$1.30. The price has been going up and down for this period, and there has been a 11.11% gain for the last 2 weeks. Volume fell on the last day by -8 million shares and in total, 12 million shares were bought and sold for approximately HK$16.15 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$1.20, a level that may pose a second chance to hit a runner.
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0323.HK Signals & Forecast
Mostly positive signals in the chart today. The Maanshan Iron & Steel Company 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$1.22 and HK$1.17. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 16.07%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Maanshan Iron & Steel Company Limited stock
Maanshan Iron & Steel Company Limited finds support from accumulated volume at HK$1.24 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 HK$0.0400 between high and low, or 3.17%. For the last week, the stock has had daily average volatility of 4.32%.
Our recommended stop-loss: HK$1.24 (-4.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (0323.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Maanshan Iron & Steel Company Limited to open at HK$1.29, and during the day (based on 14 day Average True Range), to move between HK$1.26 and HK$1.34, which gives a possible trading interval of +/-HK$0.0425 (+/-3.27%) up or down from last closing price. If Maanshan Iron & Steel Company Limited takes out the full calculated possible swing range there will be an estimated 6.54% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$1.24, some HK$0.0600 (4.62%) from the current price of HK$1.30, our system finds the risk reward attractive.
Is Maanshan Iron & Steel Company Limited stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 3.849 Buy Candidate Unchanged
Predicted Opening Price for Maanshan Iron & Steel Company Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$1.29 ( 1.03%) | HK$1.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0323.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.33 | 2.05 % | |
| R2 | 1.31 | 0.88 % | ||
| R1 | 1.30 | 0.150 % | ||
| Current price: | 1.30 | |||
| Support | S1 | 1.27 | -2.20 % | |
| S2 | 1.26 | -2.93 % | ||
| S3 | 1.25 | -4.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1.30 | |||
| Support | S1 | 1.24 | -4.62% | |
| S2 | 1.21 | -6.92% | ||
| S3 | 1.20 | -7.69% |
0323 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 21, 2023 | Jun 21, 2023 | Jun 21, 2023 | HK$0.0220 | 1.64% |
| 2 | Jun 27, 2022 | Jun 27, 2022 | Jun 27, 2022 | HK$0.410 | 16.53% |
| 3 | Jul 05, 2021 | Jul 05, 2021 | Jul 05, 2021 | HK$0.156 | 5.12% |
| 4 | Jun 23, 2021 | Jun 23, 2021 | Jun 23, 2021 | HK$0.130 | 3.77% |
| 5 | Jul 02, 2020 | Jul 02, 2020 | Jul 02, 2020 | HK$0.0876 | 4.21% |
FAQ
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