Zanaga Iron Ore Company Limited Stock Analysis
Technical stock analysis for Tue 11'th Dec 2018
Zanaga Iron Ore Company Limited gained 3.15% in the last trading day, rising from £11.13 to £11.48 The price has risen in 5 of the last 10 days , but is still down by -0.22% for this period. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.92 million more shares were traded than the day before. In total, 1.90 million shares bought and sold for approximately £21.77 million.
Zanaga Iron Ore Company Limited 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 -29.01% during the next 3 months and, with 90% probability hold a price between £6.04 and £8.82 at the end of this period.
A buy signal was issued from a pivot bottom point on Monday December 10, 2018, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Zanaga Iron Ore Company Limited holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 £11.49 and £11.96. A break-up above any of these levels will issue buy signals.
Relative Strength Index (RSI)
RSI14 is 38 and the stock is currently not being overbought or oversold
Support & Resistance
Zanaga Iron Ore Company Limited finds support from accumulated volume at £11.25.
This stock may move much during a 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 £0.70 between high and low, or 6.54%. For the last week, the stock has had a daily average volatility of 3.76%.
Our recommended stoploss: £10.83 (-5.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from pivot bottom found 1 days ago.)
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Zanaga Iron Ore Company Limited holds several negative signals and this should give a sell recommendation, but due to the general chance for a turnaround situation we recommend to hold or accumulate whilst awaiting for further development. We have upgraded our recommendation for this stock since last evaluation from a Strong Sell Candidate to a Hold/Accumulate.
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