Shenzhen Overseas Chinese Town Co., Ltd Stock Forecast

Volatile ride for Shenzhen Overseas Chinese Town Co., Ltd stock price on Tuesday moving between ¥2.41 and ¥2.70
(Updated on Apr 30, 2024)

000069.SZ Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 10.46%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Shenzhen Overseas Chinese Town Co., Ltd 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 ¥2.68. On a fall, the stock will find some support from the short-term average at ¥2.50. 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. 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 Shenzhen Overseas Chinese Town Co., Ltd stock

Shenzhen Overseas Chinese Town Co., Ltd finds support from accumulated volume at ¥2.51 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 ¥0.290 between high and low, or 12.03%. For the last week, the stock has had daily average volatility of 7.59%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (000069.SZ) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Shenzhen Overseas Chinese Town Co., Ltd to open at ¥2.58, and during the day (based on 14 day Average True Range), to move between ¥2.51 and ¥2.77, which gives a possible trading interval of +/-¥0.135 (+/-5.11%) up or down from last closing price. If Shenzhen Overseas Chinese Town Co., Ltd takes out the full calculated possible swing range there will be an estimated 10.22% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ¥2.71 (2.65%) than the support at ¥2.51 (4.92%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Shenzhen Overseas Chinese Town Co., Ltd stock A Buy?

Shenzhen Overseas Chinese Town Co., Ltd 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: -2.401 Sell Candidate Downgraded

Predicted Opening Price for Shenzhen Overseas Chinese Town Co., Ltd of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.