Shandong Gold Mining Co., Ltd. Stock Forecast
Shandong Gold Mining Co., Ltd. stock downgraded to Hold/Accumulate
(Updated on Jun 25, 2024)
The Shandong Gold Mining Co., Ltd. stock price fell by -0.541% on the last day (Tuesday, 25th Jun 2024) from $27.75 to $27.60. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.61% from a day low at $27.34 to a day high of $27.78. The price has fallen in 7 of the last 10 days and is down by -0.33% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 13 million shares were bought and sold for approximately $366.21 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $27.31 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.51% during the next 3 months and, with a 90% probability hold a price between $25.81 and $29.87 at the end of this 3-month period.
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600547.SS Signals & Forecast
There are mixed signals in the stock today. The Shandong Gold Mining Co., Ltd. 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 $27.82 and $29.03. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 0.364%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Shandong Gold Mining Co., Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $26.16 and $25.61. 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, Shandong Gold Mining Co., Ltd. finds support just below today's level at $26.16. If this is broken, then the next support from accumulated volume will be at $25.61 and $25.50.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.440 (1.61%) between high and low. For the last week, the stock has had daily average volatility of 2.42%.
Our recommended stop-loss: $25.96 (-5.96%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (600547.SS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Shandong Gold Mining Co., Ltd. to open at $27.57, and during the day (based on 14 day Average True Range), to move between $26.76 and $28.44, which gives a possible trading interval of +/-$0.84 (+/-3.06%) up or down from last closing price. If Shandong Gold Mining Co., Ltd. takes out the full calculated possible swing range there will be an estimated 6.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.00 (5.07%) than the support at $26.16 (5.22%), 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 Shandong Gold Mining Co., Ltd. stock A Buy?
Shandong Gold Mining Co., Ltd. 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: -0.056 Hold/Accumulate Downgraded
Predicted Opening Price for Shandong Gold Mining Co., Ltd. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $27.57 ( 0.0966%) | $27.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600547.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 28.01 | 1.50% |
| R2 | 27.85 | 0.89% |
| R1 | 27.74 | 0.512% |
| Price | 27.60 | |
| S1 | 27.41 | -0.706% |
| S2 | 27.30 | -1.08% |
| S3 | 27.13 | -1.69% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.78 | 15.14% |
| R2 | 29.07 | 5.33% |
| R1 | 29.00 | 5.07% |
| Price | 27.60 | |
| S1 | 26.16 | -5.22% |
| S2 | 25.61 | -7.21% |
| S3 | 25.50 | -7.61% |
600547 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 18, 2023 | Jul 18, 2023 | Jul 18, 2023 | $0.0700 | 0.274% |
| 2 | Jul 08, 2022 | Jul 08, 2022 | Jul 08, 2022 | $0.0500 | 0.278% |
| 3 | Jul 27, 2021 | Jul 27, 2021 | Jul 27, 2021 | $0.0500 | 0.286% |
| 4 | Aug 19, 2020 | Aug 19, 2020 | Aug 19, 2020 | $0.0714 | 0.236% |
| 5 | Aug 20, 2019 | Aug 20, 2019 | Aug 20, 2019 | $0.0510 | 0.190% |
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