Jiangxi Copper Company Limited Stock Forecast

Jiangxi Copper Company Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on May 09, 2024)

0358.HK Signals & Forecast

The Jiangxi Copper 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$16.14 and HK$15.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 7.71%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Sell

Special Signal Notification

Double Top Formation

Support, Risk & Stop-loss for Jiangxi Copper Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$15.56 and HK$15.06. 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, Jiangxi Copper Company Limited finds support just below today's level at HK$15.56. If this is broken, then the next support from accumulated volume will be at HK$15.06 and HK$13.32.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.520 between high and low, or 3.23%. For the last week the stock has had daily average volatility of 2.74%.

Our recommended stop-loss: HK$15.81 (-4.05%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (0358.HK) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Jiangxi Copper Company Limited to open at HK$16.39, and during the day (based on 14 day Average True Range), to move between HK$15.91 and HK$17.05, which gives a possible trading interval of +/-HK$0.568 (+/-3.45%) up or down from last closing price. If Jiangxi Copper Company Limited takes out the full calculated possible swing range there will be an estimated 6.90% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$15.56, some HK$0.92 (5.58%) from the current price of HK$16.48, our system finds the risk reward attractive.

Is Jiangxi Copper Company Limited stock A Buy?

Jiangxi Copper Company Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.551 Strong Buy Candidate Upgraded

Predicted Opening Price for Jiangxi Copper Company Limited of Friday, May 10, 2024

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