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AI Analysis of 1053.HK
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Chongqing Iron & Steel Company Limited stock downgraded to Hold/Accumulate
(Updated on May 17, 2024)

Buy or Hold candidate since May 10, 2024 Gain 7.81% PDF

The Chongqing Iron & Steel Company Limited stock price gained 4.55% on the last trading day (Friday, 17th May 2024), rising from HK$0.660 to HK$0.690. During the last trading day the stock fluctuated 7.69% from a day low at HK$0.650 to a day high of HK$0.700. The price has risen in 5 of the last 10 days and is up by 13.11% over the past 2 weeks. Volume fell on the last day by -214 thousand shares and in total, 9 million shares were bought and sold for approximately HK$6.45 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.

Given the current short-term trend, the stock is expected to fall -12.98% during the next 3 months and, with a 90% probability hold a price between HK$0.488 and HK$0.600 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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1053.HK Signals & Forecast

The Chongqing 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$0.641 and HK$0.618. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 16.95%. 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 Chongqing Iron & Steel Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.640 and HK$0.620. 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, Chongqing Iron & Steel Company Limited finds support just below today's level at HK$0.640. If this is broken, then the next support from accumulated volume will be at HK$0.620 and HK$0.610.

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$0.0500 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 4.73%.

The Chongqing Iron & Steel Company Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: HK$0.670 (-2.90%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 50 days ago.)

Trading Expectations (1053.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Chongqing Iron & Steel Company Limited to open at HK$0.680, and during the day (based on 14 day Average True Range), to move between HK$0.667 and HK$0.713, which gives a possible trading interval of +/-HK$0.0233 (+/-3.38%) up or down from last closing price. If Chongqing Iron & Steel Company Limited takes out the full calculated possible swing range there will be an estimated 6.76% 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$0.700 (1.45%) than the support at HK$0.640 (7.25%), 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 Chongqing Iron & Steel Company Limited stock A Buy?

Chongqing Iron & Steel 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: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Chongqing Iron & Steel Company Limited of Monday, May 20, 2024

Fair opening price May 20, 2024 Current price
HK$0.680 ( 1.45%) HK$0.690

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

Trading levels for 1053.HK

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 0.730 5.80 %
R2 0.711 3.03 %
R1 0.699 1.32 %
Current price: 0.690
Support S1 0.661 -4.22 %
S2 0.649 -5.93 %
S3 0.630 -8.70 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 0 .
R2 0.710 2.90 %
R1 0.700 1.45 %
Current price 0.690
Support S1 0.640 -7.25%
S2 0.620 -10.14%
S3 0.610 -11.59%

1053 Dividend Payout History


# Declaration Date Ex-Date Pay Date Amount Yield
1 Jun 17, 2009 Jun 17, 2009 Jun 17, 2009 HK$0.100 3.25%
2 Jul 07, 2008 Jul 07, 2008 Jul 07, 2008 HK$0.100 3.55%
3 Jun 27, 2008 Jun 27, 2008 Jun 27, 2008 HK$0.100 3.42%
4 May 16, 2007 May 16, 2007 May 16, 2007 HK$0.100 2.72%
5 Sep 27, 2006 Sep 27, 2006 Sep 27, 2006 HK$0.0800 5.10%

FAQ

What is the symbol for Chongqing Iron & Steel Company Limited Stock and on which exchange is it traded?
The symbol for Chongqing Iron & Steel Company Limited is 1053.HK and it is traded on the HKEX (Hong Kong Stock Exchange).

Should I buy or sell Chongqing Iron & Steel Company Limited Stock?
Chongqing Iron & Steel 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.

How to buy Chongqing Iron & Steel Company Limited Stock?
Chongqing Iron & Steel Company Limited Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Chongqing Iron & Steel Company Limited Stock.

What's the current price of Chongqing Iron & Steel Company Limited Stock?
As of the end of day on the May 17, 2024, the price of an Chongqing Iron & Steel Company Limited (1053.HK) share was HK$0.690.

What is the 52-week high and low for Chongqing Iron & Steel Company Limited Stock?
The 52-week high for Chongqing Iron & Steel Company Limited Stock is HK$1.02 and the 52-week low is HK$0.580.

What is the market capitalization of Chongqing Iron & Steel Company Limited Stock?
As of the May 17, 2024, the market capitalization of Chongqing Iron & Steel Company Limited is 12.013B.

When is the next earnings date for Chongqing Iron & Steel Company Limited?
The upcoming earnings date for Chongqing Iron & Steel Company Limited is Aug 29, 2024.
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About Chongqing Iron & Steel Company Limited

Chongqing Iron & Steel Company Limited, together with its subsidiaries, processes, produces, and sells steel plates and sections, wire rods, bar materials, and billets and thin plates in the People's Republic of China. The company is also involved in the production and sale of coking and coal chemical, pig iron and grain slag, steel slag, and steel scrap products. Its products have applications in various industries, such as machinery, architectu... 1053.HK Profile

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