Chongqing Zongshen Power Mchnry Co Ltd Stock Forecast
Chongqing Zongshen Power Mchnry Co Ltd stock price fell more than -8.14% Friday closing at ¥11.62
(Updated on May 24, 2024)
The Chongqing Zongshen Power Mchnry Co Ltd stock price fell by -8.14% on the last day (Friday, 24th May 2024) from ¥12.65 to ¥11.62. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 6.28% from a day low at ¥11.46 to a day high of ¥12.18. The price has been going up and down for this period, and there has been a 0.43% gain for the last 2 weeks. Volume has increased on the last day by 9 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 121 million shares were bought and sold for approximately ¥1.40 billion.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥11.51 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 144.05% during the next 3 months and, with a 90% probability hold a price between ¥28.10 and ¥34.78 at the end of this 3-month period.
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001696.SZ Signals & Forecast
A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -15.06%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. 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 ¥12.67. On a fall, the stock will find some support from the long-term average at approximately ¥10.92. 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.
Support, Risk & Stop-loss for Chongqing Zongshen Power Mchnry Co Ltd stock
Chongqing Zongshen Power Mchnry Co Ltd finds support from accumulated volume at ¥11.10 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 ¥0.720 between high and low, or 6.28%. For the last week, the stock has had daily average volatility of 11.57%.
Our recommended stop-loss: ¥11.04 (-4.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (001696.SZ) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Chongqing Zongshen Power Mchnry Co Ltd to open at ¥11.75, and during the day (based on 14 day Average True Range), to move between ¥10.28 and ¥12.96, which gives a possible trading interval of +/-¥1.34 (+/-11.54%) 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 23.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥11.70 (0.69%) than the support at ¥11.10 (4.48%), 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 Chongqing Zongshen Power Mchnry Co Ltd stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 1.699 Buy Candidate Unchanged
Predicted Opening Price for Chongqing Zongshen Power Mchnry Co Ltd of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ¥11.75 ( 1.15%) | ¥11.62 |
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 | 12.47 | 7.34 % | |
| R2 | 12.20 | 4.98 % | ||
| R1 | 12.03 | 3.51 % | ||
| Current price: | 11.62 | |||
| Support | S1 | 11.48 | -1.22 % | |
| S2 | 11.31 | -2.68 % | ||
| S3 | 11.03 | -5.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.03 | 12.13 % | |
| R2 | 12.93 | 11.27 % | ||
| R1 | 11.70 | 0.688 % | ||
| Current price | 11.62 | |||
| Support | S1 | 11.10 | -4.48% | |
| S2 | 9.64 | -17.04% | ||
| S3 | 9.36 | -19.45% |
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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