Hunan Zhenghong Science & Technology Stock Forecast
High volatility in Hunan Zhenghong Science & Technology stock price on Tuesday which ended trading at ¥5.64
(Updated on May 21, 2024)
The Hunan Zhenghong Science & Technology stock price gained 9.94% on the last trading day (Tuesday, 21st May 2024), rising from ¥5.13 to ¥5.64. During the last trading day the stock fluctuated 18.49% from a day low at ¥4.76 to a day high of ¥5.64. The price has risen in 6 of the last 10 days and is up by 30.56% 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, 23 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately ¥253.96 million.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ¥5.16, a level that may pose a second chance to hit a runner. According to fan-theory ¥6.64 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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000702.SZ Signals & Forecast
The Hunan Zhenghong Science & Technology stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥5.01 and ¥4.35. 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 61.14%. 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 Hunan Zhenghong Science & Technology stock
On the downside, the stock finds support just below today's level from accumulated volume at ¥5.21 and ¥4.66. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Hunan Zhenghong Science & Technology finds support just below today's level at ¥5.21. If this is broken, then the next support from accumulated volume will be at ¥4.66 and ¥4.32.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ¥0.88 between high and low, or 18.49%. For the last week, the stock has had daily average volatility of 12.18%.
The Hunan Zhenghong Science & Technology stock is extremely overbought on RSI14 (81). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ¥5.45 (-3.38%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 38 days ago.)
Trading Expectations (000702.SZ) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Hunan Zhenghong Science & Technology to open at ¥5.35, and during the day (based on 14 day Average True Range), to move between ¥5.21 and ¥6.07, which gives a possible trading interval of +/-¥0.425 (+/-7.54%) up or down from last closing price. If Hunan Zhenghong Science & Technology takes out the full calculated possible swing range there will be an estimated 15.07% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ¥5.21, some ¥0.430 (7.62%) from the current price of ¥5.64, our system finds the risk reward attractive.
Is Hunan Zhenghong Science & Technology stock A Buy?
Hunan Zhenghong Science & Technology holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Hunan Zhenghong Science & Technology of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| ¥5.35 ( 5.20%) | ¥5.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000702.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.23 | 10.40 % | |
| R2 | 5.89 | 4.44 % | ||
| R1 | 5.68 | 0.759 % | ||
| Current price: | 5.64 | |||
| Support | S1 | 5.01 | -11.16 % | |
| S2 | 4.80 | -14.84 % | ||
| S3 | 4.47 | -20.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 5.64 | |||
| Support | S1 | 5.21 | -7.62% | |
| S2 | 4.66 | -17.38% | ||
| S3 | 4.32 | -23.40% |
000702 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 18, 2004 | Jun 18, 2004 | Jun 18, 2004 | ¥0.0700 | 1.54% |
| 2 | Jun 23, 2003 | Jun 23, 2003 | Jun 23, 2003 | ¥0.120 | 1.71% |
| 3 | Jun 24, 2002 | Jun 24, 2002 | Jun 24, 2002 | ¥0.150 | 0.91% |
| 4 | Sep 19, 2000 | Sep 19, 2000 | Sep 19, 2000 | ¥0.0556 | 0.417% |
| 5 | Jun 23, 1999 | Jun 23, 1999 | Jun 23, 1999 | ¥0.222 | 2.35% |
FAQ
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