Mongolian Mining Corporation Stock Forecast
Is Mongolian Mining Corporation stock still a buy after falling -6.08% on Monday?
(Updated on Apr 22, 2024)
^ falseThe Mongolian Mining Corporation stock price fell by -6.08% on the last day (Monday, 22nd Apr 2024) from HK$10.04 to HK$9.43. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 8.17% from a day low at HK$9.30 to a day high of HK$10.06. The price has risen in 6 of the last 10 days and is up by 13.34% over the past 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately HK$29.48 million.
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 -4.98% during the next 3 months and, with a 90% probability hold a price between HK$6.33 and HK$13.14 at the end of this 3-month period.
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0975.HK Signals & Forecast
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 Mongolian Mining Corporation 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 HK$9.67 and HK$9.79. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 06, 2024, and so far it has fallen -33.59%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Mongolian Mining Corporation stock
Mongolian Mining Corporation finds support from accumulated volume at HK$8.98 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.760 between high and low, or 8.17%. For the last week, the stock has had daily average volatility of 9.22%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0975.HK) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Mongolian Mining Corporation to open at HK$9.60, and during the day (based on 14 day Average True Range), to move between HK$8.66 and HK$10.20, which gives a possible trading interval of +/-HK$0.766 (+/-8.12%) up or down from last closing price. If Mongolian Mining Corporation takes out the full calculated possible swing range there will be an estimated 16.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$9.81 (4.03%) than the support at HK$8.98 (4.77%), 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 Mongolian Mining Corporation stock A Buy?
Mongolian Mining Corporation 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. 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 Sell candidate.
Current score: -3.541 Sell Candidate Downgraded
Predicted Opening Price for Mongolian Mining Corporation of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| HK$9.60 ( 1.77%) | HK$9.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0975.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.36 | 9.83 % | |
| R2 | 10.07 | 6.75 % | ||
| R1 | 9.89 | 4.85 % | ||
| Current price: | 9.43 | |||
| Support | S1 | 9.31 | -1.31 % | |
| S2 | 9.13 | -3.21 % | ||
| S3 | 8.84 | -6.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.78 | 14.32 % | |
| R2 | 10.38 | 10.07 % | ||
| R1 | 9.81 | 4.03 % | ||
| Current price | 9.43 | |||
| Support | S1 | 8.98 | -4.77% | |
| S2 | 8.13 | -13.79% | ||
| S3 | 7.75 | -17.82% |
FAQ
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