Jiangxi Copper Company Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of Jiangxi Copper Company Limited stock downgraded after the last trading session.
(Updated on May 31, 2024)
The Jiangxi Copper Company Limited stock price fell by -2.20% on the last day (Friday, 31st May 2024) from HK$17.26 to HK$16.88. During the last trading day the stock fluctuated 3.57% from a day low at HK$16.82 to a day high of HK$17.42. The price has been going up and down for this period, and there has been a -5.7% 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 -53 thousand shares and in total, 12 million shares were bought and sold for approximately HK$196.09 million.
Given the current short-term trend, the stock is expected to rise 44.91% during the next 3 months and, with a 90% probability hold a price between HK$24.46 and HK$28.69 at the end of this 3-month period.
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0358.HK Signals & Forecast
The Jiangxi Copper Company Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$17.49. On a fall, the stock will find some support from the long-term average at approximately HK$16.74. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, May 20, 2024, and so far it has fallen -10.50%. 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 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.
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$0.600 between high and low, or 3.57%. For the last week, the stock has had daily average volatility of 3.65%.
Our recommended stop-loss: HK$15.98 (-5.34%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (0358.HK) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Jiangxi Copper Company Limited to open at HK$17.04, and during the day (based on 14 day Average True Range), to move between HK$16.20 and HK$17.56, which gives a possible trading interval of +/-HK$0.677 (+/-4.01%) 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 8.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$17.38 (2.96%) than the support at HK$15.56 (7.82%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Jiangxi Copper Company Limited stock A Buy?
Jiangxi Copper Company Limited 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: 0.717 Hold/Accumulate Downgraded
Predicted Opening Price for Jiangxi Copper Company Limited of Monday, June 3, 2024
Fair opening price June 3, 2024 | Current price |
---|---|
HK$17.04 ( 0.95%) | HK$16.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0358.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17.64 | 4.50 % | |
R2 | 17.41 | 3.14 % | ||
R1 | 17.27 | 2.31 % | ||
Current price: | 16.88 | |||
Support | S1 | 16.81 | -0.410 % | |
S2 | 16.67 | -1.25 % | ||
S3 | 16.44 | -2.61 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 18.86 | 11.73 % | |
R2 | 17.90 | 6.04 % | ||
R1 | 17.38 | 2.96 % | ||
Current price | 16.88 | |||
Support | S1 | 15.56 | -7.82% | |
S2 | 15.06 | -10.78% | ||
S3 | 13.32 | -21.09% |
0358 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 13, 2024 | Jun 13, 2024 | Jul 18, 2024 | HK$0.650 | 3.85% |
2 | Jun 15, 2023 | Jun 15, 2023 | Jun 15, 2023 | HK$0.553 | 4.41% |
3 | Jun 23, 2022 | Jun 23, 2022 | Jun 23, 2022 | HK$0.588 | 5.48% |
4 | Jun 11, 2021 | Jun 11, 2021 | Jun 11, 2021 | HK$0.122 | 0.719% |
5 | Jun 15, 2020 | Jun 15, 2020 | Jun 15, 2020 | HK$0.109 | 1.45% |
FAQ
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