China Nonferrous Mining Corp Ltd Stock Forecast

China Nonferrous Mining Corp Ltd stock price up more than 5.40% on Monday
(Updated on May 13, 2024)

1258.HK Signals & Forecast

The China Nonferrous Mining Corp Ltd 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$7.42 and HK$6.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 29.87%. 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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 24, 2024 with a target of HK$7.11. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for China Nonferrous Mining Corp Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$6.54 and HK$6.50. 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, China Nonferrous Mining Corp Ltd finds support just below today's level at HK$6.54. If this is broken, then the next support from accumulated volume will be at HK$6.50 and HK$6.36.

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$0.450 between high and low, or 5.95%. For the last week, the stock has had daily average volatility of 4.31%.

Our recommended stop-loss: HK$7.72 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)

Trading Expectations (1258.HK) For The Upcoming Trading Day Of Tuesday 14th

For the upcoming trading day on Tuesday, 14th we expect China Nonferrous Mining Corporation Limited to open at HK$7.86, and during the day (based on 14 day Average True Range), to move between HK$7.62 and HK$8.38, which gives a possible trading interval of +/-HK$0.383 (+/-4.79%) up or down from last closing price. If China Nonferrous Mining Corporation Limited takes out the full calculated possible swing range there will be an estimated 9.58% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$6.54, some HK$1.46 (18.25%) from the current price of HK$8.00, our system finds the risk reward attractive.

Is China Nonferrous Mining Corporation Limited stock A Buy?

China Nonferrous Mining Corp Ltd 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 Strong 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 China Nonferrous Mining Corporation Limited of Tuesday, May 14, 2024

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