Shanghai Datun Energy Resources Co., Stock Forecast

Red day on Thursday for Shanghai Datun Energy Resources Co.,
(Updated on Jun 20, 2024)

600508.SS Signals & Forecast

There are few to no technical positive signals at the moment. The Shanghai Datun Energy Resources Co., 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 $14.56 and $14.62. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -7.85%. 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. The stock had a Golden Star Signal on Thursday, December 28, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Shanghai Datun Energy Resources Co., stock

Shanghai Datun Energy Resources Co., finds support from accumulated volume at $14.09 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.310 between high and low, or 2.20%. For the last week the stock has had daily average volatility of 2.48%.

Our recommended stop-loss: $13.46 (-5.20%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 55 days ago.)

Trading Expectations (600508.SS) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect Shanghai Datun Energy Resources Co., Ltd. to open at $14.24, and during the day (based on 14 day Average True Range), to move between $13.81 and $14.59, which gives a possible trading interval of +/-$0.393 (+/-2.77%) up or down from last closing price. If Shanghai Datun Energy Resources Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $14.27 (0.49%) than the support at $14.09 (0.77%), 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 Shanghai Datun Energy Resources Co., Ltd. stock A Buy?

Shanghai Datun Energy Resources Co., 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.

Current score: -0.717 Hold/Accumulate Unchanged

Predicted Opening Price for Shanghai Datun Energy Resources Co., Ltd. of Friday, June 21, 2024

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