- FRES stock price is currently trading at $536.4
- The stock price is in a continuous downtrend, making higher lows
Why was the FRES stock down after two green trading days?
On August 8, 2023, Fresnillo was down by 1% as the RBC lowered its price target on Fresnillo from 6.90 pounds to 6.25 pounds while keeping its performance rating.
Fresnillo Plc Stock (FRES) : Financial Analysis
Fresnillo Financial Report has shown decent growth in the last 5 years, with some ups and downs in the revenue report from 2018 to 2022, with an overall growth of 14%. The company has shown an average of 0.10% growth every year. And only in 2019, the revenue report was down by 0.09%, but the company manage to recover the previous year’s decline with 0.19% growth in 2020.
The FRES Revenue Report for 2023 is estimate to have a growth rate of 0.07%. The company’s revenue growth has shown stable growth in the last five years, which shows that the company is capable of meeting the estimated revenue in 2023.
The Fresnillo company had consistently paid an average dividend of $40 or more over the last five years.
Fresnillo Plc Stock (FRES) : Technical Analysis
Currently, the FRES stock price is trading at $536.4 with an average volume of 1 million and a market capitalization of 4.048 billion.
Also, in January 2023, after hitting the $994.8 resistance, the Fresnillo stock fell more than 40% and is continuing to fall with a higher low market structure with a trendline resistance and is breaking every single support level’s downside.
Currently, the Frenillo price is below the $540.8 support level, If the price closes below the $540.8 support level, it can continue its fall till its next support at $502 without taking any pullback, but if the price of Fresnillo is seen taking rejection from the $540.8 support level, the price can be seen in a short term pullback to take resistance from the trendline and again continue its downtrend by making higher lows. Bullish sentiment or any reversal can be seen if the price closes above the $640.4 resistance.
Also, the 50 EMA (yellow line) is at $616.8, and the 200 EMA (red line) is at $707.4. The price is currently trading below the 50 and 200 EMAs, which indicates that the price is in bearish sentiment and sellers are in control of the market.
The Relative Strength Index is at 27.54, which shows that the price is in oversold territory and a pullback or retracement can be seen in the market.
The Super-Trend indicates that the price is in bearish sentiment as the price is trading below the red line and the sellers are in full control. A bullish move is only expect if the price closes above the red line.
Conclusion
In conclusion, overall chart for Fresnillo is bearish, showing the dominance of sellers. Currently, the price is trading below the $540.8 support level. If any rejection is seen or the price closes above the $540.8 support, then a short term pullback can be seen, but if the price continues to trade below the support, it will be seen at its next support at $502.8. All the indicators mentioned above are bearish; only the RSI is in oversold territory, which indicates a short term pullback can be seen in the market.
Technical levels
Resistance levels: $640.4
Support levels: $540.8 and $502.8
Disclaimer
The views and opinions stated by the author, or any other person named in this article, are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.