Zhejiang Kan Specialities Material CoLtd Stock Forecast

Evaluation of Zhejiang Kan Specialities Material CoLtd stock downgraded after the last trading session.
(Updated on May 09, 2024)

002012.SZ Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 16.53%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Zhejiang Kan Specialities Material CoLtd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ¥4.25. On a fall, the stock will find some support from the short-term average at ¥4.11. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

Support, Risk & Stop-loss for Zhejiang Kan Specialities Material CoLtd stock

Zhejiang Kan Specialities Material CoLtd finds support from accumulated volume at ¥4.09 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 ¥0.0800 between high and low, or 1.95%. For the last week, the stock has had daily average volatility of 2.57%.

Our recommended stop-loss: ¥4.01 (-3.50%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (002012.SZ) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Zhejiang Kan Specialities Material CoLtd to open at ¥4.15, and during the day (based on 14 day Average True Range), to move between ¥3.93 and ¥4.39, which gives a possible trading interval of +/-¥0.227 (+/-5.45%) up or down from last closing price. If Zhejiang Kan Specialities Material CoLtd takes out the full calculated possible swing range there will be an estimated 10.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ¥4.18 (0.48%) than the support at ¥4.09 (1.68%), 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 Zhejiang Kan Specialities Material CoLtd stock A Buy?

Zhejiang Kan Specialities Material CoLtd 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: 0.606 Hold/Accumulate Downgraded

Predicted Opening Price for Zhejiang Kan Specialities Material CoLtd of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.