Zijin Mining has stabilized above 36 yuan, but as long as it does not break through 38.20 yuan, the pattern remains one of post-decline recovery.

What currently concerns the market most is not whether there are medium- to long-term stories in gold, non-ferrous metals, or copper mines, but whether the stock price, having retreated from its high near 46 to 47 yuan, has already begun stabilizing within the 36 to 37 yuan range.

The April 10 daily chart shows that Zijin closed at 36.48 yuan, with an intraday high of 37.16 yuan and a low of 36.32 yuan. Although the share price still holds above 36 yuan and has rebounded significantly from the earlier low of 31.66 yuan, the overall structure is only in a recovery phase following a low-level rebound and has yet to fully confirm a return to strength.

From a technical standpoint, short-term support can first be seen around 36 to 36.3 yuan, which is currently the most immediate area of buying interest; if this level fails, the next level to watch will be 35 to 34.5 yuan. On the resistance side, first look to 37.2 to 37.5 yuan, and if it breaks through and stabilizes above that, the next target would be 38 yuan, followed by 39 to 40 yuan. Therefore, Zijin's most crucial watershed now is not daily fluctuations but whether it can consistently hold above 36 yuan and gradually turn the 37.5 to 38 yuan zone into an area that can be reclaimed. If it succeeds, it will indicate a slow upgrade from rebound recovery to a more meaningful structural improvement; if it doesn't, the market will continue to view this as just a weak correction.

Judging from investor comments, the market’s current emotional state is quite clear. For example, @MoneyMustBeEarnedSlowly mentioned, 'We’ve tested 31, today’s price isn’t bad,' reflecting that some investors are no longer evaluating Zijin based on its previous highs but are accepting a gradual recovery from lower levels. This perspective is not overly optimistic, but compared to pure disappointment, it's more pragmatic. At this stage, starting from this angle, Zijin’s biggest advantage is that it has at least moved out of the worst panic zone, but its biggest issue is equally obvious: the rebound hasn’t been strong enough for the market to regain confidence that it has returned to a bullish rhythm.

Another group of comments focuses more on whether the 36.5 yuan level could become a short-term turning point. For example... @日日升鑫 The phrase 'holding steady above 36.5 today’s low before a reversal and upward V-shaped rebound' is actually quite representative because it highlights the most crucial technical condition for Zijin Mining right now: 36.5 yuan is not just an intraday level, but a near-term watershed used by the market to determine whether the rebound will continue. If this area can stabilize, there are indeed conditions for a gradual move towards 38 yuan in the short term; but if it doesn't hold, the market could easily start questioning whether this recovery is just a flash in the pan.

Meanwhile, the comments section also reflects many investors’ frustration with Zijin Mining being 'a stock with potential but lacking decisiveness.' Voices like @Trendy Andy Lau and@華爾街狠喵 @ParrotBrother expressing disappointment are essentially asking: why does the stock still fail to perform decisively despite favorable macro factors like gold, non-ferrous metals, and resources? This question isn’t hard to understand. For resource stocks like Zijin Mining, while macro logic is important, whether short-term prices follow through also depends on how the market digests previous gains, valuation expectations, capital rotation, and investor confidence in the sustainability of resource prices. In other words, the fundamental story remains intact, but whether the stock price immediately reacts might not always align.

There are still some investors willing to see the rebound extend. For example, @衝上雲宵、@北京港爸 thoughts leaning toward waiting for a price recovery suggest that the market hasn’t completely lost patience with Zijin Mining. For these investors, the most critical factor isn’t hearing more macro analysis but seeing whether the stock price can first return to 38 yuan, then gradually make 40 yuan the next discussion target. If Zijin Mining can achieve this, market sentiment would shift from 'somewhat disappointed but still watching' to 'starting to re-evaluate its upside potential.'

As for short-term upside potential, at this stage, Zijin Mining is worth observing but leans more towards consolidation-type potential rather than fully clear-cut upside. The reason is that the current price of 36.48 yuan is not far from support below. If the 36 to 36.3 yuan range holds, there’s room for a retracement test up to 37.5 to 38 yuan, which isn’t entirely unattractive from a risk-reward perspective; however, nearby resistance levels are also close. If several attempts to break through fail, complaints about Zijin Mining being 'grinding and indecisive' will likely intensify. In other words, the current upside potential hinges on support holding and the continuation of the recovery rhythm, not solely on the gold theme itself.

In summary, the biggest issue for Zijin Mining right now isn’t the lack of a story but the fact that the stock price hasn’t yet translated the story into a decisive recovery trend. The pragmatism of @MoneyGrowsSlowly, @DailyRiseShine's focus on 36.5 yuan, and sentiments like those of @Trendy Andy Lau and @WallStreetFierceCat expressing dissatisfaction with the stock performance all point to one thing: the 36 to 37 yuan range will determine whether Zijin Mining gradually returns to a recovery path of 38 to 40 yuan or continues to be stuck in a repetitive pattern of having a theme but failing to break out. At this stage, Zijin Mining appears to be in a state of recovery but hasn’t fully turned strong yet. What remains most worth watching is the battle between support at 36 yuan and resistance at 37.5 to 38 yuan.@鸚鵡哥

Based on the above situation, the deployment can be divided into three main strategies:

Strategy 1: Only chase the rebound call options after the price stabilizes above 37.50 yuan and breaks through 38.20 yuan.

If the stock price can first hold steady above 37.50 yuan and then further break through 38.20 yuan, this would indicate not only a recovery past short-term resistance but also the beginning of conditions to challenge the 30-day moving average pressure zone. At that point, the rebound has the potential to evolve from a mere recovery into a more complete upward extension. Until then, it’s more appropriate to view the current situation as stabilization, so call option strategies should wait until the breakout is confirmed before proceeding.

$HUZIJIN@EC2606B.C (20025.HK)$ ｜Strike Price 38.00｜Actual Leverage 6.2x｜Strike price near key resistance zone; suitable for rebound positioning after the stock price stabilizes above 37.50 and breaks through 38.20.
$CIZIJIN@EC2607B.C (27524.HK)$ ｜Strike Price 38.02｜Actual Leverage 6.1x｜Similar terms; suitable for short-term bullish call positioning after confirmation of a breakout.
$UBZIJIN@EC2612A.C (25834.HK)$ ｜Strike Price 46.12｜Actual Leverage 3.9x｜Balanced leverage; suitable for steady rebound continuation positioning after breaking through resistance.

Strategy Two: If the price retraces to between 35.90 and 36.00 and holds firm, a relatively stable rebound position can be established.

If the stock price retraces to between 35.90 and 36.00 and remains stable, it indicates that the current rebound structure has not been disrupted, and the market may still have an opportunity to consolidate in the support zone before challenging resistance again. In this scenario, it is more appropriate to base your strategy on effective support, using call warrants to bet on a continuing rebound, but still viewing it as a corrective rally rather than prematurely seeing it as a full recovery.

$HSZIJIN@EC2607A.C (20031.HK)$ ｜Strike Price 36.99｜Actual Leverage 5.7x｜Strike price close to current price area; suitable for relatively stable rebound positioning after the stock price stabilizes around 36.
$GJZIJIN@EC2606A.C (23013.HK)$ ｜Strike Price 42.02｜Actual Leverage 7.3x｜Higher leverage; suitable for aggressive short-term rebound trading after confirming the support level is valid.
$UBZIJIN@EC2609A.C (27357.HK)$ ｜Strike Price 48.90｜Actual Leverage 5.1x｜Balanced terms; suitable for continuation rebound positioning after the support zone stabilizes.

Strategy Three: If the price falls below 35.90 and then further breaches 34.80, consider switching to put warrants.

If the stock price falls below 35.90 and further breaches 34.80, it indicates that the current stabilization pattern after the decline cannot continue, with a short-term possibility of renewed weakness or even entering a deeper correction phase. In this case, deploying put warrants would align better with the market structure, as the focus shifts from a corrective rally to searching for new support levels, which is typical of a failed stabilization attempt leading back to weakness.

$HUZIJIN@EP2610A.P (24795.HK)$｜Strike Price 29.90｜Actual Leverage 3.6x｜Suitable for a balanced bearish position if the stock price falls below 35.90 and further breaks down below 34.80.
$BIZIJIN@EP2607A.P (24709.HK)$｜Strike Price 28.99｜Actual Leverage 5.0x｜Moderate leverage, suitable for capturing a renewed downtrend after support levels are broken.
$UBZIJIN@EP2607A.P (25237.HK)$｜Strike Price 28.97｜Actual Leverage 5.4x｜Slightly higher leverage, suitable for aggressive put positions following a breakdown below support.

Key Deployment Points

Zijin Mining is currently in a recovery rebound from the low of 31.66, but 38 remains a major resistance level. Until it breaks above 38.20, the trend cannot be considered truly bullish. In terms of strategy, maintaining a call position after holding above 36 would be prudent; if both 35.90 and 34.80 are breached, one should guard against failure to stabilize, with puts being more aligned with the trend.

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Reminder: This article does not constitute any investment advice.

This article is for reference only and does not constitute any 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; a comprehensive assessment of asset performance should be conducted using additional data. Decisions to trade should not be based solely on this article. Please note that past performance is not indicative of future results.

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