Shenzhen Hemei Group Co Ltd Stock Forecast
Shenzhen Hemei Group Co Ltd stock downgraded from Hold/Accumulate to Strong Sell Candidate after Wednesday trading session.
(Updated on May 08, 2024)
The Shenzhen Hemei Group Co Ltd stock price fell by -3.58% on the last day (Wednesday, 8th May 2024) from ¥3.91 to ¥3.77. During the last trading day the stock fluctuated 5.08% from a day low at ¥3.74 to a day high of ¥3.93. The price has risen in 5 of the last 10 days and is up by 3.01% over the past 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 -3 million shares and in total, 7 million shares were bought and sold for approximately ¥24.95 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -14.38% during the next 3 months and, with a 90% probability hold a price between ¥2.85 and ¥3.65 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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002356.SZ Signals & Forecast
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. The Shenzhen Hemei Group 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 ¥3.84 and ¥4.12. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 07, 2024, and so far it has fallen -3.58%. 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.
Support, Risk & Stop-loss for Shenzhen Hemei Group Co Ltd stock
Shenzhen Hemei Group Co Ltd finds support from accumulated volume at ¥3.66 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 ¥0.190 between high and low, or 5.08%. For the last week, the stock has had daily average volatility of 3.60%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002356.SZ) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Shenzhen Hemei Group Co Ltd to open at ¥3.81, and during the day (based on 14 day Average True Range), to move between ¥3.54 and ¥4.00, which gives a possible trading interval of +/-¥0.230 (+/-6.10%) up or down from last closing price. If Shenzhen Hemei Group Co Ltd takes out the full calculated possible swing range there will be an estimated 12.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥3.66 (2.92%) than the resistance at ¥4.33 (14.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Shenzhen Hemei Group Co Ltd stock A Buy?
Shenzhen Hemei Group Co Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Hold/Accumulate to a Strong Sell candidate.
Current score: -5.551 Strong Sell Candidate Downgraded
Predicted Opening Price for Shenzhen Hemei Group Co Ltd of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ¥3.81 ( 1.15%) | ¥3.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002356.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.00 | 6.19 % | |
| R2 | 3.93 | 4.26 % | ||
| R1 | 3.89 | 3.07 % | ||
| Current price: | 3.77 | |||
| Support | S1 | 3.74 | -0.776 % | |
| S2 | 3.70 | -1.97 % | ||
| S3 | 3.62 | -3.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.71 | 24.93 % | |
| R2 | 4.68 | 24.14 % | ||
| R1 | 4.33 | 14.85 % | ||
| Current price | 3.77 | |||
| Support | S1 | 3.66 | -2.92% | |
| S2 | 3.62 | -3.98% | ||
| S3 | 3.50 | -7.16% |
002356 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 17, 2018 | Jul 17, 2018 | Jul 17, 2018 | ¥0.0588 | 0.509% |
| 2 | Jul 17, 2017 | Jul 17, 2017 | Jul 17, 2017 | ¥0.0588 | 0.396% |
| 3 | Jun 03, 2016 | Jun 03, 2016 | Jun 03, 2016 | ¥0.0412 | 0.298% |
| 4 | May 07, 2015 | May 07, 2015 | May 07, 2015 | ¥0.0294 | 0.194% |
| 5 | May 29, 2014 | May 29, 2014 | May 29, 2014 | ¥0.0490 | 0.87% |
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