CITIC Resources Holdings Limited Stock Forecast

Red day on Thursday for CITIC Resources Holdings Limited
(Updated on May 16, 2024)

1205.HK Signals & Forecast

The CITIC Resources Holdings 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$0.511. On a fall, the stock will find some support from the long-term average at approximately HK$0.491. 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. The volume rose on the last day while price remained unchanged. This may be an early warning and 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 Thursday, May 02, 2024, and so far it has fallen -5.56%. 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).

Support, Risk & Stop-loss for CITIC Resources Holdings Limited stock

CITIC Resources Holdings Limited finds support from accumulated volume at HK$0.500 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$0.0250 between high and low, or 5.05%. For the last week, the stock has had daily average volatility of 4.80%.

Our recommended stop-loss: HK$0.484 (-5.02%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (1205.HK) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect CITIC Resources Holdings Limited to open at HK$0.508, and during the day (based on 14 day Average True Range), to move between HK$0.485 and HK$0.535, which gives a possible trading interval of +/-HK$0.0254 (+/-4.97%) up or down from last closing price. If CITIC Resources Holdings Limited takes out the full calculated possible swing range there will be an estimated 9.95% 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$0.520 (1.96%) than the support at HK$0.500 (1.96%), 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 CITIC Resources Holdings Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for CITIC Resources Holdings Limited stock to perform well in the short-term.

Current score: 1.964 Buy Candidate Unchanged

Predicted Opening Price for CITIC Resources Holdings Limited of Friday, May 17, 2024

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