Mongolian Mining Corporation Stock Forecast

Mongolian Mining Corporation stock price ended at HK$9.70 on Friday, after gaining 1.57%.
(Updated on May 03, 2024)

0975.HK Signals & Forecast

The Mongolian Mining Corporation 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$9.93. On a fall, the stock will find some support from the long-term average at approximately HK$9.09. 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. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 25.16%. 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 is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Mongolian Mining Corporation stock

Mongolian Mining Corporation finds support from accumulated volume at HK$9.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.240 between high and low, or 2.52%. For the last week, the stock has had daily average volatility of 5.75%.

Our recommended stop-loss: HK$9.33 (-3.86%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 30 days ago.)

Trading Expectations (0975.HK) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Mongolian Mining Corporation to open at HK$9.65, and during the day (based on 14 day Average True Range), to move between HK$9.03 and HK$10.37, which gives a possible trading interval of +/-HK$0.674 (+/-6.95%) up or down from last closing price. If Mongolian Mining Corporation takes out the full calculated possible swing range there will be an estimated 13.90% 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$9.81 (1.13%) than the support at HK$9.30 (4.12%), 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 Mongolian Mining Corporation stock A Buy?

Mongolian Mining Corporation 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.

Current score: -0.195 Hold/Accumulate Unchanged

Predicted Opening Price for Mongolian Mining Corporation of Monday, May 6, 2024

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