Zanaga Iron Ore Company Limited Stock Forecast
Zanaga Iron Ore Company Limited stock price down 0% on Wednesday
(Updated on Jun 19, 2024)
No changes to the price of Zanaga Iron Ore Company Limited stock on the last trading day (Wednesday, 19th Jun 2024). During the last trading day the stock fluctuated 0% from a day low at £7.14 to a day high of £7.14. The price has risen in 5 of the last 10 days and is up by 2.73% over the past 2 weeks.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.65% during the next 3 months and, with a 90% probability hold a price between £5.97 and £7.50 at the end of this 3-month period.
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ZIOC.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 18, 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Zanaga Iron Ore Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £7.38 and £7.16. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Zanaga Iron Ore Company Limited stock
Zanaga Iron Ore Company Limited finds support from accumulated volume at £7.12 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved £0 between high and low, or 0%. For the last week the stock has had daily average volatility of 3.34%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZIOC.L) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Zanaga Iron Ore Company Limited to open at £7.14, and during the day (based on 14 day Average True Range), to move between £6.55 and £7.73, which gives a possible trading interval of +/-£0.587 (+/-8.23%) up or down from last closing price. If Zanaga Iron Ore Company Limited takes out the full calculated possible swing range there will be an estimated 16.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £7.12 (0.28%) than the resistance at £7.50 (5.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Zanaga Iron Ore Company Limited will release earnings BMO on Monday, July 01, 2024. We will update the financials statements for Zanaga Iron Ore Company Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.59% in the first trading day after earnings release.
Is Zanaga Iron Ore Company Limited stock A Buy?
Zanaga Iron Ore 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: -3.994 Sell Candidate Unchanged
Predicted Opening Price for Zanaga Iron Ore Company Limited of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| £7.14 ( 0%) | £7.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZIOC.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.14 | - |
| R2 | 7.14 | - |
| R1 | 7.14 | - |
| Price | 7.14 | |
| S1 | 7.14 | - |
| S2 | 7.14 | - |
| S3 | 7.14 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.75 | 8.54% |
| R2 | 7.60 | 6.44% |
| R1 | 7.50 | 5.04% |
| Price | 7.14 | |
| S1 | 7.12 | -0.280% |
| S2 | 6.91 | -3.22% |
| S3 | 6.74 | -5.60% |
FAQ
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