Jinchuan Group International Resources Stock Forecast
Is Jinchuan Group International Resources stock still a buy after falling -7.23% on Tuesday?
(Updated on Jul 02, 2024)
The Jinchuan Group International Resources stock price fell by -7.23% on the last day (Tuesday, 2nd Jul 2024) from HK$0.83 to HK$0.770. During the last trading day the stock fluctuated 7.79% from a day low at HK$0.770 to a day high of HK$0.83. The price has been going up and down for this period, and there has been a -2.53% loss for the last 2 weeks. Volume has increased on the last day by 16 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 33 million shares were bought and sold for approximately HK$25.10 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at HK$0.744 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Jinchuan Group International Resources stock with a 90% probability to be traded between HK$0.758 and HK$1.08 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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2362.HK Signals & Forecast
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. The Jinchuan Group International Resources stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.797 and HK$0.87. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -26.67%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Jinchuan Group International Resources stock
Jinchuan Group International Resources finds support from accumulated volume at HK$0.760 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$0.0600 between high and low, or 7.79%. For the last week, the stock has had daily average volatility of 5.20%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (2362.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Jinchuan Group International Resources Co. Ltd to open at HK$0.790, and during the day (based on 14 day Average True Range), to move between HK$0.719 and HK$0.82, which gives a possible trading interval of +/-HK$0.0509 (+/-6.61%) up or down from last closing price. If Jinchuan Group International Resources Co. Ltd takes out the full calculated possible swing range there will be an estimated 13.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$0.760 (1.30%) than the resistance at HK$0.85 (10.39%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Jinchuan Group International Resources Co. Ltd stock A Buy?
Jinchuan Group International Resources holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.674 Sell Candidate Downgraded
Predicted Opening Price for Jinchuan Group International Resources Co. Ltd of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$0.790 ( 2.60%) | HK$0.770 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2362.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.85 | 10.39% |
| R2 | 0.83 | 7.41% |
| R1 | 0.81 | 5.57% |
| Price | 0.770 | |
| S1 | 0.767 | -0.379% |
| S2 | 0.753 | -2.22% |
| S3 | 0.730 | -5.19% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.94 | 22.08% |
| R2 | 0.87 | 12.99% |
| R1 | 0.85 | 10.39% |
| Price | 0.770 | |
| S1 | 0.760 | -1.30% |
| S2 | 0.740 | -3.90% |
| S3 | 0.730 | -5.19% |
2362 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 02, 2024 | Jul 02, 2024 | Jul 31, 2024 | HK$0.0020 | 0.256% |
| 2 | Jun 01, 2023 | Jun 01, 2023 | Jun 29, 2023 | HK$0.0020 | 0.500% |
| 3 | Jun 01, 2022 | Jun 01, 2022 | Jun 29, 2022 | HK$0.0020 | 0.192% |
| 4 | Jun 23, 2021 | Jun 23, 2021 | Aug 16, 2021 | HK$0.0010 | 0.0901% |
| 5 | Mar 25, 2020 | Jun 23, 2020 | Aug 14, 2020 | HK$0.0010 | 0.137% |
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