Sanquan Food Co Ltd Stock Forecast
Red day on Wednesday for Sanquan Food Co Ltd stock after losing 0.621%
(Updated on May 08, 2024)
The Sanquan Food Co Ltd stock price fell by -0.621% on the last day (Wednesday, 8th May 2024) from ¥12.88 to ¥12.80. During the last trading day the stock fluctuated 4.81% from a day low at ¥12.48 to a day high of ¥13.08. The price has been going up and down for this period, and there has been a 2.15% gain for the last 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 -565 thousand shares and in total, 4 million shares were bought and sold for approximately ¥52.94 million.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ¥12.88 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Sanquan Food Co Ltd stock with a 90% probability to be traded between ¥11.85 and ¥12.95 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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002216.SZ Signals & Forecast
The Sanquan Food Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥12.59 and ¥12.36. A breakdown below any of these levels will issue sell signals. 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 Tuesday, May 07, 2024, and so far it has fallen -0.621%. 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.
A sell signal from a double top formation was found on Tuesday, May 07, 2024 and based on theory for this formation the price should fall by -11.80% to ¥11.29 within 8 trading days since signal was issued (Thursday, May 09, 2024).
Support, Risk & Stop-loss for Sanquan Food Co Ltd stock
Sanquan Food Co Ltd finds support from accumulated volume at ¥12.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ¥0.600 (4.81%) between high and low. For the last week, the stock has had daily average volatility of 4.20%.
Our recommended stop-loss: ¥12.29 (-4.00%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (002216.SZ) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Sanquan Food Co Ltd to open at ¥12.79, and during the day (based on 14 day Average True Range), to move between ¥12.36 and ¥13.24, which gives a possible trading interval of +/-¥0.436 (+/-3.40%) up or down from last closing price. If Sanquan Food Co Ltd takes out the full calculated possible swing range there will be an estimated 6.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥12.82 (0.16%) than the support at ¥12.49 (2.42%), 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 Sanquan Food Co Ltd stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Sanquan Food Co Ltd stock to perform well in the short-term period.
Current score: 1.810 Buy Candidate Unchanged
Predicted Opening Price for Sanquan Food Co Ltd of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ¥12.79 ( 0.104%) | ¥12.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002216.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.39 | 4.58 % | |
| R2 | 13.16 | 2.79 % | ||
| R1 | 13.02 | 1.69 % | ||
| Current price: | 12.80 | |||
| Support | S1 | 12.56 | -1.89 % | |
| S2 | 12.42 | -3.00 % | ||
| S3 | 12.19 | -4.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.88 | 0.625 % | |
| R2 | 12.85 | 0.391 % | ||
| R1 | 12.82 | 0.156 % | ||
| Current price | 12.80 | |||
| Support | S1 | 12.49 | -2.42% | |
| S2 | 12.48 | -2.50% | ||
| S3 | 12.10 | -5.47% |
002216 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2023 | Jun 07, 2023 | Jun 07, 2023 | ¥0.350 | 2.25% |
| 2 | May 27, 2022 | May 27, 2022 | May 27, 2022 | ¥0.200 | 1.02% |
| 3 | May 19, 2021 | May 19, 2021 | May 19, 2021 | ¥0.545 | 3.05% |
| 4 | May 28, 2020 | May 28, 2020 | May 28, 2020 | ¥0.0545 | 0.254% |
| 5 | Jun 19, 2019 | Jun 19, 2019 | Jun 19, 2019 | ¥0.0273 | 0.305% |
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