China National Accord Stock Forecast
Weaker technical forecast for China National Accord as stock downgraded to Sell Candidate.
(Updated on Jul 02, 2024)
The China National Accord stock price fell by -1.37% on the last day (Tuesday, 2nd Jul 2024) from ¥33.54 to ¥33.08. During the last trading day the stock fluctuated 3.94% from a day low at ¥32.50 to a day high of ¥33.78. The price has fallen in 7 of the last 10 days and is down by -4.03% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -464 thousand shares and in total, 3 million shares were bought and sold for approximately ¥106.80 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥32.28 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.42% during the next 3 months and, with a 90% probability hold a price between ¥33.38 and ¥43.00 at the end of this 3-month period.
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000028.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has risen 2.64%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The China National Accord stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ¥36.35. On a fall, the stock will find some support from the short-term average at ¥32.84. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for China National Accord stock
China National Accord finds support from accumulated volume at ¥32.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ¥1.28 between high and low, or 3.94%. For the last week, the stock has had daily average volatility of 5.15%.
China National Accord is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (000028.SZ) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect China National Accord to open at ¥33.12, and during the day (based on 14 day Average True Range), to move between ¥31.21 and ¥34.95, which gives a possible trading interval of +/-¥1.87 (+/-5.66%) up or down from last closing price. If China National Accord takes out the full calculated possible swing range there will be an estimated 11.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥32.90 (0.54%) than the resistance at ¥34.00 (2.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is China National Accord stock A Buy?
China National Accord holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.411 Sell Candidate Downgraded
Predicted Opening Price for China National Accord of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
¥33.12 ( 0.121%) | ¥33.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000028.SZ
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 34.40 | 3.99% |
R2 | 33.91 | 2.51% |
R1 | 33.61 | 1.60% |
Price | 33.08 | |
S1 | 32.63 | -1.36% |
S2 | 32.33 | -2.27% |
S3 | 31.84 | -3.75% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 38.98 | 17.84% |
R2 | 34.09 | 3.05% |
R1 | 34.00 | 2.78% |
Price | 33.08 | |
S1 | 32.90 | -0.544% |
S2 | 32.86 | -0.665% |
S3 | 30.65 | -7.35% |
000028 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 25, 2024 | Jun 25, 2024 | Jun 25, 2024 | ¥0.680 | 2.09% |
2 | Jun 01, 2023 | Jun 01, 2023 | Jun 01, 2023 | ¥0.80 | 1.87% |
3 | Jun 17, 2022 | Jun 17, 2022 | Jun 17, 2022 | ¥0.600 | 2.67% |
4 | Jun 21, 2021 | Jun 21, 2021 | Jun 21, 2021 | ¥0.80 | 2.78% |
5 | Jun 18, 2020 | Jun 18, 2020 | Jun 18, 2020 | ¥0.600 | 1.68% |
FAQ
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