Zanaga Iron Ore Company Limited Stock Forecast
Volatile ride for Zanaga Iron Ore Company Limited stock price on Friday moving between £6.52 and £7.84
(Updated on Apr 19, 2024)
The Zanaga Iron Ore Company Limited stock price gained 5.38% on the last trading day (Friday, 19th Apr 2024), rising from £7.44 to £7.84. During the last trading day the stock fluctuated 20.25% from a day low at £6.52 to a day high of £7.84. The price has risen in 5 of the last 10 days and is up by 11.21% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 551 thousand more shares were traded than the day before. In total, 672 thousand shares were bought and sold for approximately £5.27 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at £8.15 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -8.33% during the next 3 months and, with a 90% probability hold a price between £5.79 and £7.47 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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ZIOC.L Signals & Forecast
Mostly positive signals in the chart today. The Zanaga Iron Ore Company Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £7.48 and £7.56. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 04, 2024, and so far it has risen 18.79%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Zanaga Iron Ore Company Limited stock
Zanaga Iron Ore Company Limited finds support from accumulated volume at £7.54 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved £1.32 between high and low, or 20.25%. For the last week, the stock has had daily average volatility of 7.05%.
Our recommended stop-loss: £7.55 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (ZIOC.L) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Zanaga Iron Ore Company Limited to open at £7.40, and during the day (based on 14 day Average True Range), to move between £7.09 and £8.59, which gives a possible trading interval of +/-£0.751 (+/-9.58%) 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 19.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £8.06 (2.81%) than the support at £7.54 (3.83%), 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 Zanaga Iron Ore Company Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.007 Buy Candidate Upgraded
Predicted Opening Price for Zanaga Iron Ore Company Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| £7.40 ( 5.61%) | £7.84 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 8.72 | 11.22 % | |
| R2 | 8.22 | 4.79 % | ||
| R1 | 7.90 | 0.82 % | ||
| Current price: | 7.84 | |||
| Support | S1 | 6.90 | -12.04 % | |
| S2 | 6.58 | -16.02 % | ||
| S3 | 6.08 | -22.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.53 | 8.80 % | |
| R2 | 8.26 | 5.36 % | ||
| R1 | 8.06 | 2.81 % | ||
| Current price | 7.84 | |||
| Support | S1 | 7.54 | -3.83% | |
| S2 | 7.10 | -9.44% | ||
| S3 | 6.91 | -11.86% |
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