China Natural Resources Stock Forecast
China Natural Resources stock price up 0.87% on Wednesday
(Updated on Apr 17, 2024)
The China Natural Resources stock price gained 0.87% on the last trading day (Wednesday, 17th Apr 2024), rising from $1.11 to $1.12. During the last trading day the stock fluctuated 7.54% from a day low at $1.06 to a day high of $1.14. The price has fallen in 7 of the last 10 days and is down by -10.42% for this period. Volume fell on the last day by -4 thousand shares and in total, 30 thousand shares were bought and sold for approximately $33.34 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $0.92 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 $1.16 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 -67.73%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. 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 $1.11 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 $0.0799 between high and low, or 7.54%. For the last week the stock has had daily average volatility of 7.94%.
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 Thursday 18th
For the upcoming trading day on Thursday, 18th we expect China Natural Resources to open at $1.11, and during the day (based on 14 day Average True Range), to move between $0.99 and $1.25, which gives a possible trading interval of +/-$0.131 (+/-11.67%) up or down from last closing price. If China Natural Resources takes out the full calculated possible swing range there will be an estimated 23.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.11 (0.87%) than the resistance at $1.20 (7.17%), 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: -2.475 Sell Candidate Unchanged
Predicted Opening Price for China Natural Resources of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $1.11 ( 1.18%) | $1.12 |
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 | 1.19 | 5.96 % | |
| R2 | 1.16 | 3.23 % | ||
| R1 | 1.14 | 1.55 % | ||
| Current price: | 1.12 | |||
| Support | S1 | 1.08 | -3.90 % | |
| S2 | 1.06 | -5.59 % | ||
| S3 | 1.03 | -8.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.37 | 22.35 % | |
| R2 | 1.32 | 17.89 % | ||
| R1 | 1.20 | 7.17 % | ||
| Current price | 1.12 | |||
| Support | S1 | 1.11 | -0.87% | |
| S2 | 1.08 | -3.55% | ||
| S3 | 1.03 | -7.90% |
FAQ
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