Hunan Valin Steel Co., Ltd. Stock Forecast
Hunan Valin Steel Co., Ltd. stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Hunan Valin Steel Co., Ltd. stock price fell by -2.28% on the last day (Tuesday, 23rd Apr 2024) from ¥5.69 to ¥5.56. During the last trading day the stock fluctuated 4.16% from a day low at ¥5.53 to a day high of ¥5.76. The price has risen in 6 of the last 10 days and is up by 5.1% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -33 million shares and in total, 90 million shares were bought and sold for approximately ¥498.43 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Hunan Valin Steel Co., Ltd. stock with a 90% probability to be traded between ¥5.02 and ¥5.80 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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000932.SZ Signals & Forecast
The Hunan Valin Steel Co., Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ¥5.66. On a fall, the stock will find some support from the long-term average at approximately ¥5.46. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -5.92%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Friday, April 19, 2024 and based on theory for this formation the price should fall by -21.22% to ¥4.38 within 28 trading days since signal was issued (Wednesday, April 24, 2024).
Support, Risk & Stop-loss for Hunan Valin Steel Co., Ltd. stock
Hunan Valin Steel Co., Ltd. finds support from accumulated volume at ¥5.45 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 ¥0.230 between high and low, or 4.16%. For the last week, the stock has had daily average volatility of 7.86%.
Our recommended stop-loss: ¥5.24 (-5.80%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (000932.SZ) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Hunan Valin Steel Co., Ltd. to open at ¥5.62, and during the day (based on 14 day Average True Range), to move between ¥5.30 and ¥5.82, which gives a possible trading interval of +/-¥0.262 (+/-4.71%) up or down from last closing price. If Hunan Valin Steel Co., Ltd. takes out the full calculated possible swing range there will be an estimated 9.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥5.45 (1.98%) than the resistance at ¥5.69 (2.34%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hunan Valin Steel Co., Ltd. stock A Buy?
Hunan Valin Steel Co., Ltd. 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: 0.059 Hold/Accumulate Downgraded
Predicted Opening Price for Hunan Valin Steel Co., Ltd. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ¥5.62 ( 1.02%) | ¥5.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000932.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.85 | 5.16 % | |
| R2 | 5.76 | 3.58 % | ||
| R1 | 5.70 | 2.60 % | ||
| Current price: | 5.56 | |||
| Support | S1 | 5.53 | -0.561 % | |
| S2 | 5.47 | -1.54 % | ||
| S3 | 5.39 | -3.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.80 | 4.32 % | |
| R2 | 5.71 | 2.70 % | ||
| R1 | 5.69 | 2.34 % | ||
| Current price | 5.56 | |||
| Support | S1 | 5.45 | -1.98% | |
| S2 | 5.40 | -2.88% | ||
| S3 | 5.34 | -3.96% |
000932 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 30, 2023 | Jun 30, 2023 | Jun 30, 2023 | ¥0.240 | 5.03% |
| 2 | Jun 02, 2022 | Jun 02, 2022 | Jun 02, 2022 | ¥0.290 | 5.59% |
| 3 | May 10, 2021 | May 10, 2021 | May 10, 2021 | ¥0.210 | 2.42% |
| 4 | May 18, 2020 | May 18, 2020 | May 18, 2020 | ¥0.250 | 6.49% |
| 5 | Jun 17, 2009 | Jun 17, 2009 | Jun 17, 2009 | ¥0.0357 | 0.775% |
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