Chongqing Iron & Steel Company Limited Stock Forecast
Red day on Thursday for Chongqing Iron & Steel Company Limited stock after losing 1.92%
(Updated on Jun 27, 2024)
The Chongqing Iron & Steel Company Limited stock price fell by -1.92% on the last day (Thursday, 27th Jun 2024) from $1.04 to $1.02. During the last trading day the stock fluctuated 2.97% from a day low at $1.01 to a day high of $1.04. The price has fallen in 6 of the last 10 days and is down by -4.67% 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 -18 million shares and in total, 66 million shares were bought and sold for approximately $67.39 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 $1.01 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -19.94% during the next 3 months and, with a 90% probability hold a price between $0.81 and $0.91 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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601005.SS Signals & Forecast
There are mixed signals in the stock today. The Chongqing Iron & Steel Company Limited 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 $1.04 and $1.16. 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 Tuesday, June 25, 2024, and so far it has fallen 0%. 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 Chongqing Iron & Steel Company Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.0300 between high and low, or 2.97%. For the last week, the stock has had daily average volatility of 3.57%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (601005.SS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Chongqing Iron & Steel Company Limited to open at $1.02, and during the day (based on 14 day Average True Range), to move between $0.98 and $1.06, which gives a possible trading interval of +/-$0.0352 (+/-3.45%) up or down from last closing price. If Chongqing Iron & Steel Company Limited takes out the full calculated possible swing range there will be an estimated 6.91% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $1.09, some $0.0700 (6.86%) from the current price of $1.02, our system finds the risk reward not very attractive.
Is Chongqing Iron & Steel Company Limited stock A Buy?
Chongqing Iron & Steel Company Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.599 Sell Candidate Unchanged
Predicted Opening Price for Chongqing Iron & Steel Company Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $1.02 ( 0.327%) | $1.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 601005.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.05 | 3.27% |
| R2 | 1.04 | 2.14% |
| R1 | 1.03 | 1.45% |
| Price | 1.02 | |
| S1 | 1.01 | -0.797% |
| S2 | 1.00 | -1.49% |
| S3 | 0.99 | -2.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.26 | 23.53% |
| R2 | 1.25 | 22.55% |
| R1 | 1.09 | 6.86% |
| Price | 1.02 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
601005 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 26, 2009 | Jun 26, 2009 | Jun 26, 2009 | $0.100 | 1.85% |
| 2 | Jul 09, 2008 | Jul 09, 2008 | Jul 09, 2008 | $0.100 | 1.80% |
| 3 | Jul 05, 2007 | Jul 05, 2007 | Jul 05, 2007 | $0.100 | 1.41% |
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