China Natural Resources Stock Forecast
China Natural Resources stock price down 0.87% on Thursday
(Updated on Apr 18, 2024)
The China Natural Resources stock price fell by -0.87% on the last day (Thursday, 18th Apr 2024) from $1.12 to $1.11. During the last trading day the stock fluctuated 5.66% from a day low at $1.06 to a day high of $1.12. The price has fallen in 7 of the last 10 days and is down by -9.02% 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 -19 thousand shares and in total, 11 thousand shares were bought and sold for approximately $12.45 thousand.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.93 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect China Natural Resources stock with a 90% probability to be traded between $0.94 and $3.57 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CHNR Signals & Forecast
There are few to no technical positive signals at the moment. The China Natural Resources 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 $1.15 and $1.20. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 15, 2024, and so far it has fallen -68.01%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for China Natural Resources stock
China Natural Resources finds support from accumulated volume at $1.08 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0600 between high and low, or 5.66%. For the last week the stock has had daily average volatility of 8.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHNR) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect China Natural Resources to open at $1.10, and during the day (based on 14 day Average True Range), to move between $0.98 and $1.24, which gives a possible trading interval of +/-$0.125 (+/-11.30%) up or down from last closing price. If China Natural Resources takes out the full calculated possible swing range there will be an estimated 22.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.08 (2.70%) than the resistance at $1.20 (8.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is China Natural Resources stock A Buy?
China Natural Resources holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.006 Sell Candidate Unchanged
Predicted Opening Price for China Natural Resources of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$1.10 ( 1.20%) | $1.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHNR
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.16 | 4.20 % | |
R2 | 1.13 | 2.14 % | ||
R1 | 1.12 | 0.86 % | ||
Current price: | 1.11 | |||
Support | S1 | 1.07 | -3.27 % | |
S2 | 1.06 | -4.54 % | ||
S3 | 1.04 | -6.61 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.37 | 23.42 % | |
R2 | 1.32 | 18.92 % | ||
R1 | 1.20 | 8.11 % | ||
Current price | 1.11 | |||
Support | S1 | 1.08 | -2.70% | |
S2 | 1.03 | -7.10% | ||
S3 | 0.88 | -20.72% |
FAQ
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