Shenzhen Tonge (Group) Co., Ltd. Stock Forecast
Shenzhen Tonge (Group) Co., Ltd. stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 16, 2024)
The Shenzhen Tonge (Group) Co., Ltd. stock price gained 3.76% on the last trading day (Thursday, 16th May 2024), rising from ¥4.52 to ¥4.69. During the last trading day the stock fluctuated 7.48% from a day low at ¥4.41 to a day high of ¥4.74. The price has risen in 6 of the last 10 days and is up by 3.3% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 million more shares were traded than the day before. In total, 71 million shares were bought and sold for approximately ¥332.42 million.
The stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ¥4.53, a level that may pose a second chance to hit a runner. According to fan-theory ¥4.78 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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000090.SZ Signals & Forecast
Mostly positive signals in the chart today. The Shenzhen Tonge (Group) Co., Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ¥4.48 and ¥4.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 8.06%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
A buy signal from a double bottom formation was found on Friday, April 26, 2024 with a target of ¥4.65. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Shenzhen Tonge (Group) Co., Ltd. stock
Shenzhen Tonge (Group) Co., Ltd. finds support from accumulated volume at ¥4.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ¥0.330 between high and low, or 7.48%. For the last week the stock has had daily average volatility of 3.91%.
Our recommended stop-loss: ¥4.48 (-4.41%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (000090.SZ) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Shenzhen Tonge (Group) Co., Ltd. to open at ¥4.61, and during the day (based on 14 day Average True Range), to move between ¥4.52 and ¥4.86, which gives a possible trading interval of +/-¥0.168 (+/-3.58%) up or down from last closing price. If Shenzhen Tonge (Group) Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥4.70 (0.21%) than the support at ¥4.63 (1.28%), 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 Tonge (Group) Co., Ltd. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.727 Buy Candidate Upgraded
Predicted Opening Price for Shenzhen Tonge (Group) Co., Ltd. of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| ¥4.61 ( 1.63%) | ¥4.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000090.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.94 | 5.40 % | |
| R2 | 4.82 | 2.71 % | ||
| R1 | 4.74 | 1.05 % | ||
| Current price: | 4.69 | |||
| Support | S1 | 4.49 | -4.32 % | |
| S2 | 4.41 | -5.98 % | ||
| S3 | 4.28 | -8.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.74 | 1.07 % | |
| R2 | 4.71 | 0.426 % | ||
| R1 | 4.70 | 0.213 % | ||
| Current price | 4.69 | |||
| Support | S1 | 4.63 | -1.28% | |
| S2 | 4.54 | -3.20% | ||
| S3 | 4.49 | -4.26% |
000090 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 14, 2023 | Jul 14, 2023 | Jul 14, 2023 | ¥0.320 | 6.71% |
| 2 | Jul 08, 2022 | Jul 08, 2022 | Jul 08, 2022 | ¥0.330 | 5.53% |
| 3 | Jun 02, 2021 | Jun 02, 2021 | Jun 02, 2021 | ¥0.380 | 6.47% |
| 4 | May 29, 2020 | May 29, 2020 | May 29, 2020 | ¥0.380 | 6.45% |
| 5 | Jun 20, 2019 | Jun 20, 2019 | Jun 20, 2019 | ¥0.192 | 3.83% |
FAQ
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