Metallurgical Corporation of China Ltd. Stock Forecast
Metallurgical Corporation of China Ltd. stock upgraded to Buy Candidate.
(Updated on May 14, 2024)
No changes to the price of Metallurgical Corporation of China Ltd. stock on the last trading day (Tuesday, 14th May 2024). During the last trading day the stock fluctuated 4.12% from a day low at HK$1.70 to a day high of HK$1.77. The price has risen in 6 of the last 10 days and is up by 8.18% over the past 2 weeks.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. HK$1.72 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach HK$1.96 sometime during the next 3 months.
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1618.HK Signals & Forecast
The Metallurgical Corporation of China 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$1.62 and HK$1.58. A breakdown below any of these levels will issue sell signals. 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, May 13, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.
Support, Risk & Stop-loss for Metallurgical Corporation of China Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$1.58 and HK$1.54. 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, Metallurgical Corporation of China Ltd. finds support just below today's level at HK$1.58. If this is broken, then the next support from accumulated volume will be at HK$1.54 and HK$1.53.
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$0.0700 between high and low, or 4.12%. For the last week, the stock has had daily average volatility of 4.36%.
The Metallurgical Corporation of China Ltd. stock is extremely overbought on RSI14 (74). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: HK$1.66 (-3.52%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 74 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (1618.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Metallurgical Corporation of China Ltd. to open at HK$1.73, and during the day (based on 14 day Average True Range), to move between HK$1.66 and HK$1.78, which gives a possible trading interval of +/-HK$0.0573 (+/-3.33%) up or down from last closing price. If Metallurgical Corporation of China Ltd. takes out the full calculated possible swing range there will be an estimated 6.67% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$1.58, some HK$0.140 (8.14%) from the current price of HK$1.72, our system finds the risk reward attractive.
Is Metallurgical Corporation of China Ltd. stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Metallurgical Corporation of China Ltd. stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.755 Buy Candidate Upgraded
Predicted Opening Price for Metallurgical Corporation of China Ltd. of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| HK$1.73 ( 0.581%) | HK$1.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1618.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.80 | 4.65 % | |
| R2 | 1.77 | 3.10 % | ||
| R1 | 1.76 | 2.14 % | ||
| Current price: | 1.72 | |||
| Support | S1 | 1.70 | -0.97 % | |
| S2 | 1.69 | -1.93 % | ||
| S3 | 1.66 | -3.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1.72 | |||
| Support | S1 | 1.58 | -8.14% | |
| S2 | 1.54 | -10.47% | ||
| S3 | 1.53 | -11.05% |
1618 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 27, 2023 | Jul 27, 2023 | Jul 27, 2023 | HK$0.0908 | 4.78% |
| 2 | Jul 29, 2022 | Jul 29, 2022 | Jul 29, 2022 | HK$0.0914 | 5.57% |
| 3 | Jul 22, 2021 | Jul 22, 2021 | Jul 22, 2021 | HK$0.0902 | 4.04% |
| 4 | Jul 23, 2020 | Jul 23, 2020 | Jul 23, 2020 | HK$0.0788 | 5.75% |
| 5 | Jul 23, 2019 | Jul 23, 2019 | Jul 23, 2019 | HK$0.0797 | 4.09% |
FAQ
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