HUNAN BOYUN NEW MATERIALS Co Ltd Stock Forecast
Stronger technical forecast for HUNAN BOYUN NEW MATERIALS Co Ltd stock price after Friday trading.
(Updated on May 17, 2024)
The HUNAN BOYUN NEW MATERIALS Co Ltd stock price gained 3.70% on the last trading day (Friday, 17th May 2024), rising from ¥6.76 to ¥7.01. During the last trading day the stock fluctuated 5.76% from a day low at ¥6.77 to a day high of ¥7.16. The price has risen in 5 of the last 10 days and is up by 6.53% 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, 4 million more shares were traded than the day before. In total, 10 million shares were bought and sold for approximately ¥73.52 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.08% during the next 3 months and, with a 90% probability hold a price between ¥6.40 and ¥8.16 at the end of this 3-month period.
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002297.SZ Signals & Forecast
The HUNAN BOYUN NEW MATERIALS 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 ¥6.88 and ¥6.64. 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). 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. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -1.41%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Thursday, March 07, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Thursday, March 07, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
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 -33.78% to ¥4.64 within 20 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for HUNAN BOYUN NEW MATERIALS Co Ltd stock
HUNAN BOYUN NEW MATERIALS Co Ltd finds support from accumulated volume at ¥6.87 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 ¥0.390 between high and low, or 5.76%. For the last week, the stock has had daily average volatility of 6.58%.
Our recommended stop-loss: ¥6.72 (-4.12%) (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 (002297.SZ) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect HUNAN BOYUN NEW MATERIALS Co Ltd to open at ¥6.98, and during the day (based on 14 day Average True Range), to move between ¥6.56 and ¥7.46, which gives a possible trading interval of +/-¥0.446 (+/-6.36%) up or down from last closing price. If HUNAN BOYUN NEW MATERIALS Co Ltd takes out the full calculated possible swing range there will be an estimated 12.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥7.07 (0.86%) than the support at ¥6.87 (2.00%), 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 HUNAN BOYUN NEW MATERIALS Co Ltd stock A Buy?
HUNAN BOYUN NEW MATERIALS Co Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.937 Strong Buy Candidate Upgraded
Predicted Opening Price for HUNAN BOYUN NEW MATERIALS Co Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| ¥6.98 ( 0.428%) | ¥7.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002297.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.37 | 5.14 % | |
| R2 | 7.22 | 3.01 % | ||
| R1 | 7.13 | 1.70 % | ||
| Current price: | 7.01 | |||
| Support | S1 | 6.83 | -2.55 % | |
| S2 | 6.74 | -3.87 % | ||
| S3 | 6.59 | -5.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.11 | 1.43 % | |
| R2 | 7.09 | 1.14 % | ||
| R1 | 7.07 | 0.86 % | ||
| Current price | 7.01 | |||
| Support | S1 | 6.87 | -2.00% | |
| S2 | 6.66 | -4.99% | ||
| S3 | 6.54 | -6.70% |
002297 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 11, 2013 | Jul 11, 2013 | Jul 11, 2013 | ¥0.0220 | 0.268% |
| 2 | May 17, 2010 | May 17, 2010 | May 17, 2010 | ¥0.0083 | 0.0873% |
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