CGN Mining Company Limited Stock Forecast
Red day on Tuesday for CGN Mining Company Limited
(Updated on Apr 23, 2024)
The CGN Mining Company Limited stock price fell by -0.99% on the last day (Tuesday, 23rd Apr 2024) from HK$2.02 to HK$2.00. During the last trading day the stock fluctuated 3.05% from a day low at HK$1.97 to a day high of HK$2.03. The price has risen in 5 of the last 10 days and is up by 4.17% over the past 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 -7 million shares and in total, 18 million shares were bought and sold for approximately HK$36.28 million.
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$2.07 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 -2.74% during the next 3 months and, with a 90% probability hold a price between HK$1.43 and HK$2.02 at the end of this 3-month period.
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1164.HK Signals & Forecast
The CGN Mining 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$2.00. On a fall, the stock will find some support from the long-term average at approximately HK$1.82. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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, April 15, 2024, and so far it has fallen -3.85%. Further fall is indicated until a new bottom pivot has been found. 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 CGN Mining Company Limited stock
CGN Mining Company Limited finds support from accumulated volume at HK$1.96 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$0.0600 between high and low, or 3.05%. For the last week, the stock has had daily average volatility of 4.88%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1164.HK) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect CGN Mining Company Limited to open at HK$2.00, and during the day (based on 14 day Average True Range), to move between HK$1.90 and HK$2.10, which gives a possible trading interval of +/-HK$0.104 (+/-5.20%) up or down from last closing price. If CGN Mining Company Limited takes out the full calculated possible swing range there will be an estimated 10.41% 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$2.02 (1.00%) than the support at HK$1.96 (2.00%), 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 CGN Mining Company Limited stock A Buy?
CGN Mining Company Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.080 Sell Candidate Unchanged
Predicted Opening Price for CGN Mining Company Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| HK$2.00 ( 0%) | HK$2.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1164.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.06 | 3.00 % | |
| R2 | 2.04 | 1.85 % | ||
| R1 | 2.02 | 1.15 % | ||
| Current price: | 2.00 | |||
| Support | S1 | 1.98 | -1.15 % | |
| S2 | 1.96 | -1.85 % | ||
| S3 | 1.94 | -3.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.08 | 4.00 % | |
| R2 | 2.05 | 2.50 % | ||
| R1 | 2.02 | 1.00 % | ||
| Current price | 2.00 | |||
| Support | S1 | 1.96 | -2.00% | |
| S2 | 1.93 | -3.50% | ||
| S3 | 1.88 | -6.00% |
1164 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 21, 2021 | Jun 21, 2021 | Jun 21, 2021 | HK$0.0050 | 0.735% |
| 2 | Mar 26, 2020 | Jun 22, 2020 | Jul 31, 2020 | HK$0.0100 | 3.08% |
| 3 | Mar 26, 2019 | Jun 19, 2019 | Jul 31, 2019 | HK$0.0050 | 1.52% |
| 4 | Mar 27, 2018 | Jun 13, 2018 | Jul 31, 2018 | HK$0.0020 | 0.444% |
| 5 | Mar 24, 2017 | Jun 14, 2017 | Jul 31, 2017 | HK$0.0200 | 3.17% |
FAQ
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