Jinchuan Group International Resources Stock Forecast
Jinchuan Group International Resources stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jun 26, 2024)
The Jinchuan Group International Resources stock price fell by -2.50% on the last day (Wednesday, 26th Jun 2024) from HK$0.80 to HK$0.780. During the last trading day the stock fluctuated 3.95% from a day low at HK$0.760 to a day high of HK$0.790. The price has fallen in 6 of the last 10 days and is down by -6.02% for this period. Volume has increased on the last day by 6 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, 14 million shares were bought and sold for approximately HK$11.15 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$0.757 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 3.66% during the next 3 months and, with a 90% probability hold a price between HK$0.785 and HK$1.11 at the end of this 3-month period.
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2362.HK Signals & Forecast
There are few to no technical positive signals at the moment. 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$0.81 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 -25.71%. 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). 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$0.770 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$0.0300 between high and low, or 3.95%. For the last week, the stock has had daily average volatility of 5.05%.
Our recommended stop-loss: HK$0.740 (-5.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 43 days ago.)
Trading Expectations (2362.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Jinchuan Group International Resources Co. Ltd to open at HK$0.777, and during the day (based on 14 day Average True Range), to move between HK$0.728 and HK$0.83, which gives a possible trading interval of +/-HK$0.0519 (+/-6.65%) 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 13.31% 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$0.770 (1.28%) than the resistance at HK$0.82 (5.13%), 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 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: -0.888 Hold/Accumulate Upgraded
Predicted Opening Price for Jinchuan Group International Resources Co. Ltd of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$0.777 ( 0.427%) | HK$0.780 |
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 | 0.81 | 3.42% |
| R2 | 0.795 | 1.95% |
| R1 | 0.788 | 1.04% |
| Price | 0.780 | |
| S1 | 0.765 | -1.90% |
| S2 | 0.758 | -2.80% |
| S3 | 0.747 | -4.27% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.94 | 20.51% |
| R2 | 0.87 | 11.54% |
| R1 | 0.82 | 5.13% |
| Price | 0.780 | |
| S1 | 0.770 | -1.28% |
| S2 | 0.760 | -2.56% |
| S3 | 0.740 | -5.13% |
2362 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 02, 2024 | Jul 02, 2024 | Jul 31, 2024 | HK$0.0020 | 0.238% |
| 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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