Chongqing Zongshen Power Mchnry Co Ltd Stock Forecast
A very red day for Chongqing Zongshen Power Mchnry Co Ltd stock price after a -9.98% fall in the Tuesday trading session
(Updated on Apr 30, 2024)
The Chongqing Zongshen Power Mchnry Co Ltd stock price fell by -9.98% on the last day (Tuesday, 30th Apr 2024) from ¥13.03 to ¥11.73. During the last trading day the stock fluctuated 6.56% from a day low at ¥11.73 to a day high of ¥12.50. The price has risen in 7 of the last 10 days and is up by 47.55% 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 -213 million shares and in total, 59 million shares were bought and sold for approximately ¥693.19 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 102.62% during the next 3 months and, with a 90% probability hold a price between ¥18.43 and ¥26.63 at the end of this 3-month period.
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001696.SZ Signals & Forecast
The Chongqing Zongshen Power Mchnry 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 ¥11.89. On a fall, the stock will find some support from the long-term average at approximately ¥8.60. 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 Monday, April 29, 2024, and so far it has fallen -9.98%. 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.
Support, Risk & Stop-loss for Chongqing Zongshen Power Mchnry Co Ltd stock
Chongqing Zongshen Power Mchnry Co Ltd finds support from accumulated volume at ¥11.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ¥0.770 between high and low, or 6.56%. For the last week, the stock has had daily average volatility of 25.04%.
Our recommended stop-loss: ¥11.05 (-5.76%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (001696.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Chongqing Zongshen Power Mchnry Co Ltd to open at ¥11.99, and during the day (based on 14 day Average True Range), to move between ¥10.19 and ¥13.27, which gives a possible trading interval of +/-¥1.54 (+/-13.11%) up or down from last closing price. If Chongqing Zongshen Power Mchnry Co Ltd takes out the full calculated possible swing range there will be an estimated 26.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥11.70 (0.26%) than the resistance at ¥12.54 (6.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chongqing Zongshen Power Mchnry Co Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Chongqing Zongshen Power Mchnry Co Ltd stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.981 Buy Candidate Downgraded
Predicted Opening Price for Chongqing Zongshen Power Mchnry Co Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ¥11.99 ( 2.19%) | ¥11.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 001696.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.76 | 8.75 % | |
| R2 | 12.46 | 6.24 % | ||
| R1 | 12.28 | 4.70 % | ||
| Current price: | 11.73 | |||
| Support | S1 | 11.69 | -0.319 % | |
| S2 | 11.51 | -1.87 % | ||
| S3 | 11.22 | -4.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 13.03 | 11.08 % | ||
| R1 | 12.54 | 6.91 % | ||
| Current price | 11.73 | |||
| Support | S1 | 11.70 | -0.256% | |
| S2 | 11.10 | -5.37% | ||
| S3 | 9.36 | -20.20% |
001696 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 21, 2023 | Jun 21, 2023 | Jun 21, 2023 | ¥0.250 | 3.69% |
| 2 | Jun 24, 2022 | Jun 24, 2022 | Jun 24, 2022 | ¥0.250 | 4.11% |
| 3 | Jun 22, 2021 | Jun 22, 2021 | Jun 22, 2021 | ¥0.300 | 3.81% |
| 4 | Jun 23, 2020 | Jun 23, 2020 | Jun 23, 2020 | ¥0.300 | 5.06% |
| 5 | Jun 28, 2019 | Jun 28, 2019 | Jun 28, 2019 | ¥0.230 | 3.69% |
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