CMIN3: Up 15% in 2023 Learn what to expect from stocks from a technical analysis perspective

Shares of CSN Mineração (CMIN3) fell in April, but continue to post gains in 2023 (+15.4%) and in the past six months (+61.4%).

In Tuesday’s (18th) session, shares of the miner were up 0.21%, going into R$ 4.71In line with Vale (VALE3) gains, after crude prices rose based on data from China.

When analyzing the period it has been on the stock exchange, CSN Mineração (CMIN3) shares have seen more declines than rises, since its initial public offering, in February 2021, when it was in the BRL 7.02.

Two months after the IPO, the cap on shares was R$ 8.64at the end of April 21, but what was observed after that were downward movements, which led to the shares reaching the minimum level of R $ 2.82On 10/31/2022.

After this decline, stocks have been recovering. Now check out what to expect from stocks, based on the insight of technical analysts.

Technical Analysis: CMIN3

For Top Gain analyst Matheus Lima, after this latest increase, seen since the end of last year, the stock has been trading within a chart figure called a descending triangle.

“In this case [veja gráfico abaixo]We have lower tops and bottoms than the previous highs and lows in the price area indicating support – which means there is buying interest at this price level, but sellers have been pressing for the stock to lose this support area,” he said.

“If that happens, we could see a drop in the R$ price range in the short term 4.00And, being more pessimistic, you get to R$ 3.63“, he added.

CMIN3 daily chart: from April 22nd to April 23rd

Gustavo Massotti, senior analyst at Wisir Research, takes a similar view, noting that after a very challenging 2022, when the asset lost more than 25%, CMIN3 is looking to recover and is working on a 15% increase in the year.

Asset prices indicated a decline in November 2022 in the BRL region 2.80 And it rose again for the three consecutive months, recording an intermediate high in the R $ region 5.40. “

Massotti confirms that, in recent weeks, the asset has been piling up prices, in the R$ region 4.70formation of a descending triangle, which is based on the BRL region 4.40. “

This adds the loss of this area in R$ value 4.40leaves the way open for strut testing at R$ 3.90 -R$ 3.50. On the other hand, he says, new closes are higher than R$ 5.00 BRL project 5.40 -R$ 6.15.

CMIN3 daily chart: July/21 to April/23Elaborating: Gustavo Masotti; until 4/17

CMIN3: Potential trend reversal

For Pam Semezzato, a technical analyst at Clear, since 2021 the asset has been in a downtrend, with long corrections, but the recent rising leg has changed the behavior of the asset, indicating a possible trend reversal.

This happens, according to her, because the action has broken the LTB (downtrend line), as well as the previous high, in R $ 3.60and managed to stay up.

He added, “It lost its buying power in February, and at the moment, the selling bars are without continuation, describing it as a correction to new highs.”

CMIN3 Weekly Chart: From March 21st to April 23rd

Bam adds that by using the Fibonacci projection of this upward movement and correction, if the breakout of the previous high is confirmed, in BRL 5.40We can expect the highest historical region in R$ 8.40“.

The analyst indicates support points: R $ 4.40R$ 3.60 and BRL 2.90while the resistance in BRL 5.90 and BRL 8.50.

Optimistic and pessimistic scenario

For Levante, the optimistic scenario for CMIN3 stocks will be a breakout of the resistance at R$ 5.00 and BRL 5.20Renewing recent highs and positioning the asset in a short-term uptrend.

In the opposite direction, Levante marks a close below the 200-day average on the daily chart, and the continuation of the long-term bearish trend.

CMIN3 daily chart: from August 22nd to April 23rd

In the short term, CSN Mineração stocks are showing support in the R$ range 4.38 The resistance is in the R$ range 5.00. If the shares break through the resistance, a continuation of the increase is possible, while the loss of support may indicate a price correction,” Levante explained.

For the analysis house, the mining company’s shares are trending downward in the long term, upward in the medium term and indefinite in the short term.

The main support points are R$ 4.38 (1) and BRL 4.09 (2), while the resistance is at BRL 5.00 (1) In BRL 5.20 (two).

CMIN3 Weekly Chart: Jan/22 to Apr/23

Technical analysis in the medium term

For Matthews Lima, from Top Gain, looking at the medium term, it is possible to notice a graphic pattern known as a bullish flag, which is nothing more than a price correction within a descending channel.

“If the price breaks this bullish flag, we may continue with this increase and the price of this action may test the BRL resistance 5.40which can be up to R$ 6.17“, He said.

CMIN3 Weekly Chart: From 2021 to 2023

Long term technical analysis

Finally, in the long term, Lima highlights, the stock is in a sideways trend, perhaps “breathing”, after a significant increase.

If price breaks R$ 5.40 From this side split, we may continue to increase to R$ 6.17 And the ability to search for the historical maximum of the origin.

CMIN3 Monthly Chart: From 2021 to 2023

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