China Molybdenum Co., Ltd. Stock Forecast
China Molybdenum Co., Ltd. stock upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)
The China Molybdenum Co., Ltd. stock price gained 2.17% on the last trading day (Friday, 17th May 2024), rising from HK$7.83 to HK$8.00. During the last trading day the stock fluctuated 3.85% from a day low at HK$7.79 to a day high of HK$8.09. The price has risen in 8 of the last 10 days and is up by 8.11% over the past 2 weeks. Volume fell on the last day by -55 million shares and in total, 59 million shares were bought and sold for approximately HK$470.49 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 75.42% during the next 3 months and, with a 90% probability hold a price between HK$13.76 and HK$14.85 at the end of this 3-month period.
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3993.HK Signals & Forecast
The China Molybdenum Co., 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$8.00 and HK$7.38. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Tuesday, May 14, 2024, and so far it has fallen -4.08%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for China Molybdenum Co., Ltd. stock
China Molybdenum Co., Ltd. finds support from accumulated volume at HK$7.83 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$0.300 between high and low, or 3.85%. For the last week, the stock has had daily average volatility of 5.21%.
Our recommended stop-loss: HK$7.63 (-4.61%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (3993.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect China Molybdenum Co., Ltd. to open at HK$7.96, and during the day (based on 14 day Average True Range), to move between HK$7.62 and HK$8.38, which gives a possible trading interval of +/-HK$0.384 (+/-4.80%) up or down from last closing price. If China Molybdenum Co., Ltd. takes out the full calculated possible swing range there will be an estimated 9.61% 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$8.03 (0.37%) than the support at HK$7.83 (2.13%), 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 China Molybdenum Co., Ltd. stock A Buy?
China Molybdenum Co., Ltd. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.594 Strong Buy Candidate Upgraded
Predicted Opening Price for China Molybdenum Co., Ltd. of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
HK$7.96 ( 0.500%) | HK$8.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3993.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.26 | 3.25 % | |
R2 | 8.15 | 1.82 % | ||
R1 | 8.07 | 0.93 % | ||
Current price: | 8.00 | |||
Support | S1 | 7.85 | -1.93 % | |
S2 | 7.77 | -2.82 % | ||
S3 | 7.66 | -4.25 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.34 | 4.25 % | |
R2 | 8.26 | 3.25 % | ||
R1 | 8.03 | 0.375 % | ||
Current price | 8.00 | |||
Support | S1 | 7.83 | -2.13% | |
S2 | 7.15 | -10.63% | ||
S3 | 6.34 | -20.75% |
3993 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 29, 2023 | Jun 29, 2023 | Jun 29, 2023 | HK$0.0938 | 2.31% |
2 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | HK$0.0838 | 1.93% |
3 | Jun 18, 2021 | Jun 18, 2021 | Jun 18, 2021 | HK$0.0398 | 0.91% |
4 | Jun 16, 2020 | Jun 16, 2020 | Jun 16, 2020 | HK$0.0471 | 1.79% |
5 | Jun 20, 2019 | Jun 20, 2019 | Jun 20, 2019 | HK$0.125 | 4.96% |
FAQ
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