Zhejiang JIULI Hi-tech Metals Co., Ltd. Stock Forecast
Evaluation of Zhejiang JIULI Hi-tech Metals Co., Ltd. stock downgraded after the last trading session.
(Updated on May 31, 2024)
The Zhejiang JIULI Hi-tech Metals Co., Ltd. stock price fell by -0.658% on the last day (Friday, 31st May 2024) from ¥24.33 to ¥24.17. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.62% from a day low at ¥24.02 to a day high of ¥24.65. The price has fallen in 7 of the last 10 days and is down by -3.2% for this period. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 million shares were bought and sold for approximately ¥95.12 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥23.72 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 13.26% during the next 3 months and, with a 90% probability hold a price between ¥26.87 and ¥30.31 at the end of this 3-month period.
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002318.SZ Signals & Forecast
There are few to no technical positive signals at the moment. The Zhejiang JIULI Hi-tech Metals Co., Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ¥24.41 and ¥24.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -7.64%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Zhejiang JIULI Hi-tech Metals Co., Ltd. stock
Zhejiang JIULI Hi-tech Metals Co., Ltd. finds support from accumulated volume at ¥23.70 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 ¥0.630 (2.62%) between high and low. For the last week, the stock has had daily average volatility of 3.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002318.SZ) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Zhejiang JIULI Hi-tech Metals Co., Ltd. to open at ¥24.28, and during the day (based on 14 day Average True Range), to move between ¥23.19 and ¥25.15, which gives a possible trading interval of +/-¥0.98 (+/-4.07%) up or down from last closing price. If Zhejiang JIULI Hi-tech Metals Co., Ltd. takes out the full calculated possible swing range there will be an estimated 8.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥23.70 (1.94%) than the resistance at ¥24.79 (2.57%), 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 JIULI Hi-tech Metals Co., Ltd. stock A Buy?
The Zhejiang JIULI Hi-tech Metals Co., Ltd. stock holds several negative signals and despite the positive trend, we believe Zhejiang JIULI Hi-tech Metals 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 Buy to a Sell candidate.
Current score: -2.451 Sell Candidate Downgraded
Predicted Opening Price for Zhejiang JIULI Hi-tech Metals Co., Ltd. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ¥24.28 ( 0.455%) | ¥24.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002318.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.91 | 3.06 % | |
| R2 | 24.67 | 2.07 % | ||
| R1 | 24.52 | 1.45 % | ||
| Current price: | 24.17 | |||
| Support | S1 | 24.04 | -0.541 % | |
| S2 | 23.89 | -1.16 % | ||
| S3 | 23.65 | -2.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.58 | 5.83 % | |
| R2 | 24.97 | 3.31 % | ||
| R1 | 24.79 | 2.57 % | ||
| Current price | 24.17 | |||
| Support | S1 | 23.70 | -1.94% | |
| S2 | 22.96 | -5.01% | ||
| S3 | 22.52 | -6.83% |
002318 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 30, 2024 | May 30, 2024 | May 30, 2024 | ¥0.480 | 1.97% |
| 2 | Apr 21, 2023 | Apr 21, 2023 | Apr 21, 2023 | ¥0.430 | 2.74% |
| 3 | May 26, 2022 | May 26, 2022 | May 26, 2022 | ¥0.400 | 2.56% |
| 4 | May 27, 2021 | May 27, 2021 | May 27, 2021 | ¥0.380 | 3.14% |
| 5 | Apr 30, 2020 | Apr 30, 2020 | Apr 30, 2020 | ¥0.300 | 4.24% |
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