Shougang Fushan Resources Group Limited Stock Forecast
Evaluation of Shougang Fushan Resources Group Limited stock downgraded after the last trading session.
(Updated on May 17, 2024)
The Shougang Fushan Resources Group Limited stock price gained 0.625% on the last trading day (Friday, 17th May 2024), rising from HK$3.20 to HK$3.22. During the last trading day the stock fluctuated 2.84% from a day low at HK$3.17 to a day high of HK$3.26. The price has risen in 9 of the last 10 days and is up by 12.2% over the past 2 weeks. Volume fell on the last day by -12 million shares and in total, 5 million shares were bought and sold for approximately HK$17.14 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 stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$3.33 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.75% during the next 3 months and, with a 90% probability hold a price between HK$2.47 and HK$3.17 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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0639.HK Signals & Forecast
The Shougang Fushan Resources Group 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$3.22 and HK$2.99. A breakdown below any of these levels will issue sell signals. 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. 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 13, 2024, and so far it has fallen -3.59%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Shougang Fushan Resources Group Limited stock
Shougang Fushan Resources Group Limited finds support from accumulated volume at HK$3.20 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$0.0900 between high and low, or 2.84%. For the last week, the stock has had daily average volatility of 3.47%.
Our recommended stop-loss: HK$3.08 (-4.42%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (0639.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Shougang Fushan Resources Group Limited to open at HK$3.22, and during the day (based on 14 day Average True Range), to move between HK$3.10 and HK$3.34, which gives a possible trading interval of +/-HK$0.116 (+/-3.59%) up or down from last closing price. If Shougang Fushan Resources Group Limited takes out the full calculated possible swing range there will be an estimated 7.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$3.20 (0.62%) than the resistance at HK$3.26 (1.24%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Shougang Fushan Resources Group Limited stock A Buy?
Shougang Fushan Resources Group 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: -0.407 Hold/Accumulate Downgraded
Predicted Opening Price for Shougang Fushan Resources Group Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$3.22 ( 0.104%) | HK$3.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0639.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.31 | 2.69 % | |
| R2 | 3.27 | 1.62 % | ||
| R1 | 3.25 | 0.96 % | ||
| Current price: | 3.22 | |||
| Support | S1 | 3.18 | -1.17 % | |
| S2 | 3.16 | -1.83 % | ||
| S3 | 3.13 | -2.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.37 | 4.66 % | |
| R2 | 3.34 | 3.73 % | ||
| R1 | 3.26 | 1.24 % | ||
| Current price | 3.22 | |||
| Support | S1 | 3.20 | -0.621% | |
| S2 | 3.16 | -1.86% | ||
| S3 | 2.92 | -9.32% |
0639 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2024 | Jun 07, 2024 | Jul 26, 2024 | HK$0.180 | 5.56% |
| 2 | Jun 09, 2023 | Jun 09, 2023 | Jun 09, 2023 | HK$0.280 | 13.02% |
| 3 | Sep 29, 2022 | Sep 29, 2022 | Sep 29, 2022 | HK$0.150 | 6.52% |
| 4 | Jul 08, 2022 | Jul 08, 2022 | Jul 08, 2022 | HK$0.320 | 11.03% |
| 5 | Sep 29, 2021 | Sep 29, 2021 | Sep 29, 2021 | HK$0.0800 | 3.49% |
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