Rongan Property Co Ltd Stock Forecast
High volatility in Rongan Property Co Ltd stock price on Tuesday which ended trading at ¥2.44
(Updated on Apr 30, 2024)
The Rongan Property Co Ltd stock price gained 1.24% on the last trading day (Tuesday, 30th Apr 2024), rising from ¥2.41 to ¥2.44. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 19.52% from a day low at ¥2.10 to a day high of ¥2.51. The price has risen in 6 of the last 10 days and is up by 17.87% 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, 45 million more shares were traded than the day before. In total, 148 million shares were bought and sold for approximately ¥361.61 million.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. ¥2.44 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach ¥2.88 sometime during the next 3 months.
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000517.SZ Signals & Forecast
Mostly positive signals in the chart today. The Rongan Property 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 ¥2.21 and ¥2.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 17.87%. 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.
Support, Risk & Stop-loss for Rongan Property Co Ltd stock
Rongan Property Co Ltd finds support from accumulated volume at ¥2.34 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 ¥0.410 between high and low, or 19.52%. For the last week, the stock has had daily average volatility of 8.87%.
Our recommended stop-loss: ¥2.35 (-3.60%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (000517.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Rongan Property Co Ltd to open at ¥2.35, and during the day (based on 14 day Average True Range), to move between ¥2.32 and ¥2.56, which gives a possible trading interval of +/-¥0.118 (+/-4.83%) up or down from last closing price. If Rongan Property Co Ltd takes out the full calculated possible swing range there will be an estimated 9.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥2.45 (0.41%) than the support at ¥2.34 (4.10%), 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 Rongan Property Co Ltd stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Rongan Property Co Ltd stock to perform well in the short-term period.
Current score: 3.679 Buy Candidate Unchanged
Predicted Opening Price for Rongan Property Co Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ¥2.35 ( 3.69%) | ¥2.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000517.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.76 | 13.11 % | |
| R2 | 2.60 | 6.70 % | ||
| R1 | 2.51 | 2.73 % | ||
| Current price: | 2.44 | |||
| Support | S1 | 2.19 | -10.11 % | |
| S2 | 2.10 | -14.07 % | ||
| S3 | 1.94 | -20.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 2.45 | 0.410 % | ||
| Current price | 2.44 | |||
| Support | S1 | 2.34 | -4.10% | |
| S2 | 2.29 | -6.15% | ||
| S3 | 2.28 | -6.56% |
000517 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 20, 2023 | Jul 20, 2023 | Jul 20, 2023 | ¥0.320 | 11.15% |
| 2 | Jun 02, 2022 | Jun 02, 2022 | Jun 02, 2022 | ¥0.160 | 5.06% |
| 3 | May 19, 2021 | May 19, 2021 | May 19, 2021 | ¥0.0350 | 1.25% |
| 4 | Jun 05, 2020 | Jun 05, 2020 | Jun 05, 2020 | ¥0.100 | 4.08% |
| 5 | Jun 22, 2018 | Jun 22, 2018 | Jun 22, 2018 | ¥0.0200 | 0.635% |
FAQ
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