Tonghua Golden-Horse Pharmaceutical Stock Forecast
Green day on Monday for Tonghua Golden-Horse Pharmaceutical stock after gaining 2.60%
(Updated on Jun 17, 2024)
The Tonghua Golden-Horse Pharmaceutical stock price gained 2.60% on the last trading day (Monday, 17th Jun 2024), rising from ¥17.28 to ¥17.73. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 7.27% from a day low at ¥16.77 to a day high of ¥17.99. The price has risen in 7 of the last 10 days and is up by 8.37% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 23 million shares were bought and sold for approximately ¥409.51 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ¥18.07 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -9.87% during the next 3 months and, with a 90% probability hold a price between ¥12.51 and ¥16.28 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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000766.SZ Signals & Forecast
Mostly positive signals in the chart today. The Tonghua Golden-Horse Pharmaceutical 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 ¥16.79 and ¥16.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 13.00%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Tonghua Golden-Horse Pharmaceutical stock
Tonghua Golden-Horse Pharmaceutical finds support from accumulated volume at ¥17.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ¥1.22 (7.27%) between high and low. For the last week, the stock has had daily average volatility of 6.95%.
Since the Tonghua Golden-Horse Pharmaceutical has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ¥17.13 (-3.36%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (000766.SZ) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Tonghua Golden-Horse Pharmaceutical Industry Co,Ltd to open at ¥17.50, and during the day (based on 14 day Average True Range), to move between ¥16.63 and ¥18.83, which gives a possible trading interval of +/-¥1.10 (+/-6.22%) up or down from last closing price. If Tonghua Golden-Horse Pharmaceutical Industry Co,Ltd takes out the full calculated possible swing range there will be an estimated 12.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥18.21 (2.71%) than the support at ¥17.20 (2.99%), 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 Tonghua Golden-Horse Pharmaceutical Industry Co,Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.310 Buy Candidate Unchanged
Predicted Opening Price for Tonghua Golden-Horse Pharmaceutical Industry Co,Ltd of Tuesday, June 18, 2024
Fair opening price June 18, 2024 | Current price |
---|---|
¥17.50 ( 1.32%) | ¥17.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000766.SZ
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 18.72 | 5.56% |
R2 | 18.25 | 2.94% |
R1 | 17.96 | 1.31% |
Price | 17.73 | |
S1 | 17.03 | -3.94% |
S2 | 16.74 | -5.57% |
S3 | 16.28 | -8.20% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 18.80 | 6.03% |
R2 | 18.30 | 3.21% |
R1 | 18.21 | 2.71% |
Price | 17.73 | |
S1 | 17.20 | -2.99% |
S2 | 16.97 | -4.29% |
S3 | 16.04 | -9.53% |
000766 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 25, 2001 | May 25, 2001 | May 25, 2001 | ¥0.467 | 3.81% |
FAQ
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