Xinjiang Xinxin Mining Industry Co., Stock Forecast

Xinjiang Xinxin Mining Industry Co., stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 23, 2024)

3833.HK Signals & Forecast

The Xinjiang Xinxin Mining Industry Co., stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$1.08. On a fall, the stock will find some support from the long-term average at approximately HK$0.96. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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, April 15, 2024, and so far it has fallen -9.57%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Xinjiang Xinxin Mining Industry Co., stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.94 and HK$0.91. 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, Xinjiang Xinxin Mining Industry Co., finds support just below today's level at HK$0.94. If this is broken, then the next support from accumulated volume will be at HK$0.91 and HK$0.81.

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$0.0400 between high and low, or 3.85%. For the last week, the stock has had daily average volatility of 6.72%.

Our recommended stop-loss: HK$0.98 (-5.82%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (3833.HK) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Xinjiang Xinxin Mining Industry Co., Ltd. to open at HK$1.05, and during the day (based on 14 day Average True Range), to move between HK$0.97 and HK$1.11, which gives a possible trading interval of +/-HK$0.0688 (+/-6.62%) up or down from last closing price. If Xinjiang Xinxin Mining Industry Co., Ltd. takes out the full calculated possible swing range there will be an estimated 13.23% 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$1.08 (3.85%) than the support at HK$0.94 (9.62%), 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 Xinjiang Xinxin Mining Industry Co., Ltd. stock A Buy?

Xinjiang Xinxin Mining Industry Co., 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 Buy to a Hold/Accumulate candidate.

Current score: 0.572 Hold/Accumulate Downgraded

Predicted Opening Price for Xinjiang Xinxin Mining Industry Co., Ltd. of Wednesday, April 24, 2024

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