Jinchuan Group International Resources Stock Forecast
Jinchuan Group International Resources stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 18, 2024)
The Jinchuan Group International Resources stock price gained 2.53% on the last trading day (Tuesday, 18th Jun 2024), rising from HK$0.790 to HK$0.81. During the last trading day the stock fluctuated 6.49% from a day low at HK$0.770 to a day high of HK$0.82. The price has been going up and down for this period, and there has been a -7.95% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 18 million shares were bought and sold for approximately HK$14.19 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$0.791 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.80% during the next 3 months and, with a 90% probability hold a price between HK$0.84 and HK$1.15 at the end of this 3-month period.
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2362.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 2.53%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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$0.83 and HK$0.86. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Jinchuan Group International Resources stock
Jinchuan Group International Resources finds support from accumulated volume at HK$0.790 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$0.0500 between high and low, or 6.49%. For the last week, the stock has had daily average volatility of 4.55%.
Our recommended stop-loss: HK$0.758 (-6.38%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (2362.HK) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect Jinchuan Group International Resources Co. Ltd to open at HK$0.800, and during the day (based on 14 day Average True Range), to move between HK$0.754 and HK$0.87, which gives a possible trading interval of +/-HK$0.0557 (+/-6.88%) 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 13.76% 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$0.82 (1.23%) than the support at HK$0.790 (2.47%), 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 Jinchuan Group International Resources Co. Ltd stock A Buy?
Jinchuan Group International Resources holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.533 Hold/Accumulate Upgraded
Predicted Opening Price for Jinchuan Group International Resources Co. Ltd of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| HK$0.800 ( 1.23%) | HK$0.81 |
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 | 4.94% |
| R2 | 0.83 | 2.58% |
| R1 | 0.82 | 1.12% |
| Price | 0.81 | |
| S1 | 0.781 | -3.59% |
| S2 | 0.769 | -5.05% |
| S3 | 0.750 | -7.41% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.94 | 16.05% |
| R2 | 0.87 | 7.41% |
| R1 | 0.82 | 1.23% |
| Price | 0.81 | |
| S1 | 0.790 | -2.47% |
| S2 | 0.770 | -4.94% |
| S3 | 0.760 | -6.17% |
2362 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 02, 2024 | Jul 02, 2024 | Jul 31, 2024 | HK$0.0020 | 0.247% |
| 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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