Letong Chemical Co.,LTD Stock Forecast
Letong Chemical Co.,LTD stock price up 4.22% on Tuesday
(Updated on Apr 23, 2024)
The Letong Chemical Co.,LTD stock price gained 4.22% on the last trading day (Tuesday, 23rd Apr 2024), rising from ¥11.37 to ¥11.85. During the last trading day the stock fluctuated 8.28% from a day low at ¥11.23 to a day high of ¥12.16. The price has fallen in 8 of the last 10 days and is down by -20.47% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 968 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately ¥49.88 million.
The stock lies in the lower part of a very 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 ¥11.43 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 25.99% during the next 3 months and, with a 90% probability hold a price between ¥14.40 and ¥21.27 at the end of this 3-month period.
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002319.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 4.22%. Further rise is indicated until a new top pivot has been found. 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. The Letong Chemical 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 ¥12.22 and ¥13.71. 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).
Support, Risk & Stop-loss for Letong Chemical Co.,LTD stock
Letong Chemical Co.,LTD finds support from accumulated volume at ¥11.78 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ¥0.93 between high and low, or 8.28%. For the last week, the stock has had daily average volatility of 19.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002319.SZ) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Letong Chemical Co.,LTD to open at ¥11.75, and during the day (based on 14 day Average True Range), to move between ¥10.48 and ¥13.22, which gives a possible trading interval of +/-¥1.37 (+/-11.58%) up or down from last closing price. If Letong Chemical Co.,LTD takes out the full calculated possible swing range there will be an estimated 23.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥11.78 (0.59%) than the resistance at ¥12.80 (8.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Letong Chemical Co.,LTD stock A Buy?
The Letong Chemical Co.,LTD stock holds several negative signals and despite the positive trend, we believe Letong Chemical Co.,LTD will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.820 Sell Candidate Unchanged
Predicted Opening Price for Letong Chemical Co.,LTD of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ¥11.75 ( 0.87%) | ¥11.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002319.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.68 | 6.98 % | |
| R2 | 12.32 | 3.98 % | ||
| R1 | 12.10 | 2.13 % | ||
| Current price: | 11.85 | |||
| Support | S1 | 11.39 | -3.87 % | |
| S2 | 11.17 | -5.72 % | ||
| S3 | 10.82 | -8.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.85 | 16.88 % | |
| R2 | 13.22 | 11.56 % | ||
| R1 | 12.80 | 8.02 % | ||
| Current price | 11.85 | |||
| Support | S1 | 11.78 | -0.591% | |
| S2 | 10.60 | -10.55% | ||
| S3 | 9.46 | -20.17% |
002319 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 06, 2018 | Jul 06, 2018 | Jul 06, 2018 | ¥0.0162 | 0.112% |
| 2 | Jul 22, 2016 | Jul 22, 2016 | Jul 22, 2016 | ¥0.0050 | 0.0290% |
| 3 | Jun 19, 2015 | Jun 19, 2015 | Jun 19, 2015 | ¥0.0100 | 0.0378% |
| 4 | Jun 20, 2014 | Jun 20, 2014 | Jun 20, 2014 | ¥0.0300 | 0.367% |
| 5 | Mar 04, 2013 | Mar 04, 2013 | Mar 04, 2013 | ¥0.0500 | 0.525% |
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