Tue 14'th Aug 2018
Zanaga Iron Ore Company Limited Stock Analysis
Technical stock analysis for Tue 14'th Aug 2018
No changes to the price of Zanaga Iron Ore Company Limited in the last trading day. The price has fallen in 5 of the last 10 days , but is still up by 8.46% over the past 2 weeks.
Zanaga Iron Ore Company Limited lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 26.94% during the next 3 months and, with 90% probability hold a price between £14.62 and £25.51 at the end of this period.
Zanaga Iron Ore Company Limited holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately £18.04. On a fall, the stock will find some support from the long-term average at approximately £13.53. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. A buy signal was issued from a pivot bottom point on Monday August 13, 2018, which indicates further gains until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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.
* Golden Star Signal* is when the short-term moving average, the long-term moving average, and priceline meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Relative Strength Index (RSI)
RSI14 is 70 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at £16.25 and £15.50.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Zanaga Iron Ore Company Limited finds support just below today's level at £16.25. If this is broken, then the next support from accumulated volume will be at £15.50 and £13.23.
This stock may move much during a day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved £0.00 between high and low, or 0.00%. For the last week the stock has had a daily average volatility of 3.88%.
Our recommended stoploss: £16.64 (-5.60%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from pivot bottom found 1 days ago.)
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Zanaga Iron Ore Company Limited holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.Click for Top 5 Hold/Accumulates
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