Xinjiang Zhongtai Chemical Co Ltd Stock Forecast
Evaluation of Xinjiang Zhongtai Chemical Co Ltd stock downgraded after the last trading session.
(Updated on May 07, 2024)
The Xinjiang Zhongtai Chemical Co Ltd stock price gained 3.29% on the last trading day (Tuesday, 7th May 2024), rising from ¥4.87 to ¥5.03. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 4.53% from a day low at ¥4.86 to a day high of ¥5.08. The price has risen in 8 of the last 10 days and is up by 11.28% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 55 million shares were bought and sold for approximately ¥276.39 million.
Given the current short-term trend, the stock is expected to fall -12.28% during the next 3 months and, with a 90% probability hold a price between ¥3.71 and ¥4.41 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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002092.SZ Signals & Forecast
The Xinjiang Zhongtai Chemical Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ¥4.70 and ¥4.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 16.44%. 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.
Support, Risk & Stop-loss for Xinjiang Zhongtai Chemical Co Ltd stock
Xinjiang Zhongtai Chemical Co Ltd finds support from accumulated volume at ¥4.87 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 ¥0.220 between high and low, or 4.53%. For the last week, the stock has had daily average volatility of 5.69%.
Since the Xinjiang Zhongtai Chemical Co Ltd has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: ¥4.84 (-3.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (002092.SZ) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Xinjiang Zhongtai Chemical Co Ltd to open at ¥4.99, and during the day (based on 14 day Average True Range), to move between ¥4.79 and ¥5.27, which gives a possible trading interval of +/-¥0.236 (+/-4.68%) up or down from last closing price. If Xinjiang Zhongtai Chemical Co Ltd takes out the full calculated possible swing range there will be an estimated 9.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥5.06 (0.60%) than the support at ¥4.87 (3.18%), 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 Xinjiang Zhongtai Chemical Co Ltd stock A Buy?
Xinjiang Zhongtai Chemical 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Xinjiang Zhongtai Chemical Co Ltd of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| ¥4.99 ( 0.795%) | ¥5.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002092.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.21 | 3.58 % | |
| R2 | 5.13 | 1.91 % | ||
| R1 | 5.07 | 0.88 % | ||
| Current price: | 5.03 | |||
| Support | S1 | 4.91 | -2.47 % | |
| S2 | 4.85 | -3.50 % | ||
| S3 | 4.77 | -5.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.21 | 3.58 % | |
| R2 | 5.10 | 1.39 % | ||
| R1 | 5.06 | 0.596 % | ||
| Current price | 5.03 | |||
| Support | S1 | 4.87 | -3.18% | |
| S2 | 4.79 | -4.77% | ||
| S3 | 4.66 | -7.36% |
002092 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 16, 2023 | Jun 16, 2023 | Jun 16, 2023 | ¥0.100 | 1.52% |
| 2 | Apr 26, 2022 | Apr 26, 2022 | Apr 26, 2022 | ¥0.120 | 1.73% |
| 3 | May 14, 2021 | May 14, 2021 | May 14, 2021 | ¥0.0100 | 0.0963% |
| 4 | Jul 16, 2020 | Jul 16, 2020 | Jul 16, 2020 | ¥0.0160 | 0.281% |
| 5 | May 31, 2019 | May 31, 2019 | May 31, 2019 | ¥0.170 | 2.15% |
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