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Inflation heats up, central banks turn hawkish! Is the wind changing for gold prices?
港股窩輪Jenny
joined discussion · Apr 8 14:16

Zijin Mining's Short-term Momentum Strengthens: Key Resistance and Support Levels Overview

Hong Kong-listed gold stocks collectively surged, with the leading gold stock $ZIJIN MINING (02899.HK)$ After a period of range consolidation, it recently demonstrated strong short-term breakout momentum. For professional investors seeking swing trading opportunities, several technical signals released in the current market are worth analyzing in depth.
Observing the current trend, Zijin Mining rose by 5.78%, with the latest price at 37.36 yuan. This rally not only pushed the stock price to successfully break through the 10-day moving average (MA10: 34.85) but also directly challenged the 30-day line (MA38.69). However, the stock price is still below the 60-day line (MA39.90), indicating that a complete reversal of the medium-term trend still needs further confirmation, but the short-term structure has clearly strengthened.
A deeper review of various technical indicators reveals multiple signals simultaneously pointing towards momentum accumulation. Although the Relative Strength Index (RSI) is at 51, within the neutral zone, showing neither extreme overbought nor oversold conditions, other oscillation indicators provide more positive clues. The Stochastic Oscillator has exited the oversold region and issued a strengthening signal, while the Commodity Channel Index (CCI) clearly gives a 'buy signal,' typically indicating the initiation of trend momentum. In addition, the Momentum Oscillator and Rate of Change (ROC) indicators both show neutral-to-positive readings, with the Williams %R also exiting an extremely oversold condition. All these support the view that the stock price is ending its bottom-building phase and attempting a counterattack. Notably, the MACD indicator also issues a buy signal synchronously, reinforcing the possibility of a short-term trend reversal.
In terms of key price levels, technical analysis shows that the immediate first support and second support are located at 34.3 yuan and 32.9 yuan respectively, which will be important defensive barriers during a short-term pullback. The resistance above will initially focus on 40.8 yuan, with further key resistance near 43.9 yuan. Considering that the stock price has broken through the upper edge of the recent consolidation range, accompanied by increased trading volume, the probability of testing the first resistance level is rising.
Based on the above analysis, Zijin Mining's technical trend has shown initial signals of transitioning from a bottom-building phase to a counterattack in the short term. Multiple momentum indicators such as CCI, stochastic oscillators, and MACD are simultaneously issuing buy signals, supported by a price-volume surge breaking through short-term moving average pressure, indicating that market funds are gradually flowing back into this stock. Although medium-term moving averages still pose some upward pressure, short-term upward momentum has clearly strengthened.
The stock price breaking away from short-term moving average pressure with the support of trading volume is a positive sign, but the resistance zone (38.7-40.0 yuan) formed by medium-term moving averages above will be the true litmus test. Divergences in several oscillation indicators suggest that the sustainability of upward momentum needs to be observed. For short-term traders, the risk-reward ratio of chasing the current price is not ideal. A more prudent strategy is to wait for the price to provide a clear reaction to key resistance or support levels. If the stock price can break through 40.8 yuan with strong volume, the upside potential may open up; conversely, if it retreats and falls below the 34.3 yuan support, caution is needed as the rebound could end and weakness may return.
Hong Kong-listed gold stocks collectively surged, with the leading gold stock $ZIJIN MINING (02899.HK)$ After a period of range consolidation, it recently demonstrated strong short-term breakout momentum. For professional investors seeking swing trading opportunities, several technical signals released in the current market are worth analyzing in depth. Observing the current trend, Zijin Mining rose by 5.78%, with the latest price at 37.36 yuan. This rally not only pushed the stock price to successfully break through the 10-day moving average (MA10: 34.85) but also directly challenged the 30-day line (MA38.69). However, the stock price is still below the 60-day line (MA39.90), indicating that a complete reversal of the medium-term trend still needs further confirmation, but the short-term structure has clearly strengthened. A deeper review of various technical indicators reveals multiple signals simultaneously pointing towards momentum accumulation. Although the Relative Strength Index (RSI) is at 51, within the neutral zone, showing neither extreme overbought nor oversold conditions, other oscillation indicators provide more positive clues. The Stochastic Oscillator has exited the oversold region and issued a strengthening signal, while the Commodity Channel Index (CCI) clearly gives a 'buy signal,' typically indicating the initiation of trend momentum. In addition, the Momentum Oscillator and Rate of Change (ROC) indicators both show neutral-to-positive readings, with the Williams %R also exiting an extremely oversold condition. All these support the view that the stock price is ending its bottom-building phase and attempting a counterattack. Notably, the MACD indicator also issues a buy signal synchronously...
Hong Kong-listed gold stocks collectively surged, with the leading gold stock $ZIJIN MINING (02899.HK)$ After a period of range consolidation, it recently demonstrated strong short-term breakout momentum. For professional investors seeking swing trading opportunities, several technical signals released in the current market are worth analyzing in depth. Observing the current trend, Zijin Mining rose by 5.78%, with the latest price at 37.36 yuan. This rally not only pushed the stock price to successfully break through the 10-day moving average (MA10: 34.85) but also directly challenged the 30-day line (MA38.69). However, the stock price is still below the 60-day line (MA39.90), indicating that a complete reversal of the medium-term trend still needs further confirmation, but the short-term structure has clearly strengthened. A deeper review of various technical indicators reveals multiple signals simultaneously pointing towards momentum accumulation. Although the Relative Strength Index (RSI) is at 51, within the neutral zone, showing neither extreme overbought nor oversold conditions, other oscillation indicators provide more positive clues. The Stochastic Oscillator has exited the oversold region and issued a strengthening signal, while the Commodity Channel Index (CCI) clearly gives a 'buy signal,' typically indicating the initiation of trend momentum. In addition, the Momentum Oscillator and Rate of Change (ROC) indicators both show neutral-to-positive readings, with the Williams %R also exiting an extremely oversold condition. All these support the view that the stock price is ending its bottom-building phase and attempting a counterattack. Notably, the MACD indicator also issues a buy signal synchronously...
Goldman Sachs recently released a resources sector research report, adjusting investment ratings and target prices for several Hong Kong-listed and A-share non-ferrous metals and gold mining stocks. In the Hong Kong market, $CHALCO (02600.HK)$ the investment rating was upgraded from 'Sell' to 'Neutral,' with the target price raised from 9 yuan to 12.5 yuan; $CHINAHONGQIAO (01378.HK)$ maintained a 'Neutral' rating, with the target price raised from 28 yuan to 34 yuan; $JIANGXI COPPER (00358.HK)$ maintained a 'Buy' rating, with the target price lowered from 50 yuan to 45 yuan; $MMG (01208.HK)$ maintained a 'Buy' rating, with a target price of 13.5 yuan; $CMOC (03993.HK)$ maintained a 'Buy' rating, with a target price of 27 yuan; $ZIJIN MINING (02899.HK)$ maintained a 'Buy' rating, with a target price of 52 yuan; $ZHAOJIN MINING (01818.HK)$ Maintain 'Buy' rating, target price reduced from 46 yuan to 43 yuan.
In the A-share market, $Aluminum Corporation Of China (601600.SH)$ Investment rating upgraded from 'Sell' to 'Neutral', target price increased from 9.1 RMB to 12.5 RMB; $Jiangxi Copper (600362.SH)$ Maintain 'Buy' rating, target price reduced from 64 RMB to 60 RMB; $CMOC Group Limited (603993.SH)$ Maintain 'Buy' rating, target price at 28 RMB; $Zijin Mining Group (601899.SH)$ Maintain 'Buy' rating, target price at 50 RMB.
On March 30, 2026, within two trading days of the reference date, Zijin Mining's stock surged by 6.37%, showing strong momentum. Corresponding bullish derivatives also recorded substantial gains, with Societe Generale bull certificate 54977 rising 47%, UBS bull certificate 56173 up 41%, Huatai warrant 20025 gaining 33%, and Credit Suisse warrant 27524 increasing by 31%. The overall performance closely matched the stock’s upward movement, fully demonstrating the leveraged return characteristics of bullish derivatives.
Hong Kong-listed gold stocks collectively surged, with the leading gold stock $ZIJIN MINING (02899.HK)$ After a period of range consolidation, it recently demonstrated strong short-term breakout momentum. For professional investors seeking swing trading opportunities, several technical signals released in the current market are worth analyzing in depth. Observing the current trend, Zijin Mining rose by 5.78%, with the latest price at 37.36 yuan. This rally not only pushed the stock price to successfully break through the 10-day moving average (MA10: 34.85) but also directly challenged the 30-day line (MA38.69). However, the stock price is still below the 60-day line (MA39.90), indicating that a complete reversal of the medium-term trend still needs further confirmation, but the short-term structure has clearly strengthened. A deeper review of various technical indicators reveals multiple signals simultaneously pointing towards momentum accumulation. Although the Relative Strength Index (RSI) is at 51, within the neutral zone, showing neither extreme overbought nor oversold conditions, other oscillation indicators provide more positive clues. The Stochastic Oscillator has exited the oversold region and issued a strengthening signal, while the Commodity Channel Index (CCI) clearly gives a 'buy signal,' typically indicating the initiation of trend momentum. In addition, the Momentum Oscillator and Rate of Change (ROC) indicators both show neutral-to-positive readings, with the Williams %R also exiting an extremely oversold condition. All these support the view that the stock price is ending its bottom-building phase and attempting a counterattack. Notably, the MACD indicator also issues a buy signal synchronously...
For professional investors looking to utilize leveraged products to capture future fluctuations in Zijin Mining, the market offers a variety of choices. If optimistic about the stock breaking through the above key resistance area, one may consider Macquarie call warrant (20265), with an exercise price of 39.999 yuan, making it one of the lowest premium options among call warrants, effectively reducing time value erosion and suitable for short-term breakout plays. Conversely, if anticipating that the rebound will not sustain and expecting the stock to retreat after facing resistance, one might consider J.P. Morgan put warrant (25363), with an exercise price of 42.88 yuan, offering the lowest premium in the market as a hedging or bearish tool.
Regarding bull and bear certificates, for investors adopting range-bound strategies and optimistic about a rebound near support levels, HSBC bull certificate (56557) and J.P. Morgan bull certificate (62907) are both attractive. Their forced recovery prices are 31 and 31.2 yuan respectively, maintaining a safe distance from the key support level of 32.9 yuan. Among them, HSBC bull certificate (56557) provides the highest effective leverage and lowest premium, while J.P. Morgan bull certificate (62907) combines high leverage and low premium features. If expecting the share price to reverse downward below the resistance level, bearish investors can focus on UBS bear certificate (57819) or Societe Generale bear certificate (56382). Both have forced recovery prices of 42 yuan, close to the primary resistance level of 40.8 yuan, and are respectively known for having the lowest premium and highest effective leverage, making them suitable for short-term trades betting on the end of the rebound.
Hong Kong-listed gold stocks collectively surged, with the leading gold stock $ZIJIN MINING (02899.HK)$ After a period of range consolidation, it recently demonstrated strong short-term breakout momentum. For professional investors seeking swing trading opportunities, several technical signals released in the current market are worth analyzing in depth. Observing the current trend, Zijin Mining rose by 5.78%, with the latest price at 37.36 yuan. This rally not only pushed the stock price to successfully break through the 10-day moving average (MA10: 34.85) but also directly challenged the 30-day line (MA38.69). However, the stock price is still below the 60-day line (MA39.90), indicating that a complete reversal of the medium-term trend still needs further confirmation, but the short-term structure has clearly strengthened. A deeper review of various technical indicators reveals multiple signals simultaneously pointing towards momentum accumulation. Although the Relative Strength Index (RSI) is at 51, within the neutral zone, showing neither extreme overbought nor oversold conditions, other oscillation indicators provide more positive clues. The Stochastic Oscillator has exited the oversold region and issued a strengthening signal, while the Commodity Channel Index (CCI) clearly gives a 'buy signal,' typically indicating the initiation of trend momentum. In addition, the Momentum Oscillator and Rate of Change (ROC) indicators both show neutral-to-positive readings, with the Williams %R also exiting an extremely oversold condition. All these support the view that the stock price is ending its bottom-building phase and attempting a counterattack. Notably, the MACD indicator also issues a buy signal synchronously...
Against the backdrop of an overall rebound in global stock markets, do you believe the rise in the precious metals sector is driven by short-term risk aversion or supported by fundamental factors for a medium-term rally? Feel free to share your insights in the comments section.
For more market analysis, please stay tuned to 'Hong Kong Warrants Jenny' for daily updates! Disclaimer: This article does not constitute any investment advice. It is for reference only and should not be considered as investment advice. The market data, opinions, and analysis contained herein may change at any time without prior notice. We are not responsible for any loss or damage caused by reliance on the information in this article. Technical analysis only shows whether certain technical conditions are met and should be combined with other data for a comprehensive evaluation of asset performance. Trading decisions should not be made solely based on this article. Please note that past performance is not indicative of future results.$Hang Seng Index (800000.HK)$$Hang Seng China Enterprises Index (800100.HK)$
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Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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