Zhejiang Communications Technolgy Co Ltd Stock Forecast
Zhejiang Communications Technolgy Co Ltd stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Jun 20, 2024)
The Zhejiang Communications Technolgy Co Ltd stock price fell by -2.13% on the last day (Thursday, 20th Jun 2024) from ¥3.76 to ¥3.68. During the last trading day the stock fluctuated 2.72% from a day low at ¥3.67 to a day high of ¥3.77. The price has fallen in 5 of the last 10 days and is down by -6.36% for this period. 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 -114 thousand shares and in total, 21 million shares were bought and sold for approximately ¥78.03 million.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at ¥3.68. A reaction back to this level may hold a second chance to get out before further falls.
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002061.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 0.546%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Zhejiang Communications Technolgy Co Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ¥3.71 and ¥3.96. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Zhejiang Communications Technolgy Co Ltd stock
Zhejiang Communications Technolgy Co Ltd finds support from accumulated volume at ¥3.67 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 ¥0.100 between high and low, or 2.72%. For the last week, the stock has had daily average volatility of 2.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002061.SZ) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Zhejiang Communications Technolgy Co Ltd to open at ¥3.71, and during the day (based on 14 day Average True Range), to move between ¥3.56 and ¥3.80, which gives a possible trading interval of +/-¥0.124 (+/-3.38%) up or down from last closing price. If Zhejiang Communications Technolgy Co Ltd takes out the full calculated possible swing range there will be an estimated 6.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥3.67 (0.27%) than the resistance at ¥3.99 (8.42%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zhejiang Communications Technolgy Co Ltd stock A Buy?
The Zhejiang Communications Technolgy Co Ltd stock holds several negative signals and despite the positive trend, we believe Zhejiang Communications Technolgy Co Ltd will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.412 Sell Candidate Downgraded
Predicted Opening Price for Zhejiang Communications Technolgy Co Ltd of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| ¥3.71 ( 0.725%) | ¥3.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002061.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.81 | 3.44% |
| R2 | 3.77 | 2.40% |
| R1 | 3.74 | 1.76% |
| Price | 3.68 | |
| S1 | 3.67 | -0.313% |
| S2 | 3.64 | -0.95% |
| S3 | 3.61 | -1.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.34 | 17.93% |
| R2 | 4.23 | 14.95% |
| R1 | 3.99 | 8.42% |
| Price | 3.68 | |
| S1 | 3.67 | -0.272% |
| S2 | 3.66 | -0.543% |
| S3 | 3.64 | -1.09% |
002061 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 05, 2024 | Jun 05, 2024 | Jun 05, 2024 | ¥0.125 | 3.33% |
| 2 | May 29, 2023 | May 29, 2023 | May 29, 2023 | ¥0.170 | 4.15% |
| 3 | Jun 13, 2022 | Jun 13, 2022 | Jun 13, 2022 | ¥0.161 | 3.25% |
| 4 | Jul 13, 2021 | Jul 13, 2021 | Jul 13, 2021 | ¥0.120 | 3.23% |
| 5 | Jun 03, 2020 | Jun 03, 2020 | Jun 03, 2020 | ¥0.120 | 3.21% |
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