Hanwang Technology Co.,Ltd. Stock Forecast
Evaluation of Hanwang Technology Co.,Ltd. stock downgraded after the last trading session.
(Updated on May 30, 2024)
No changes to the price of Hanwang Technology Co.,Ltd. stock on the last trading day (Thursday, 30th May 2024). During the last trading day the stock fluctuated 5.12% from a day low at ¥17.00 to a day high of ¥17.87. The price has fallen in 6 of the last 10 days and is down by -4.68% for this period.
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 -20.09% during the next 3 months and, with a 90% probability hold a price between ¥11.29 and ¥15.38 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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002362.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.91%. Further rise is indicated until a new top pivot has been found. The volume rose on the last day while price remained unchanged. This may be an early warning and the stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Hanwang Technology 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 ¥17.66 and ¥18.42. 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 Hanwang Technology Co.,Ltd. stock
Hanwang Technology Co.,Ltd. finds support from accumulated volume at ¥17.26 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 ¥0.87 between high and low, or 5.12%. For the last week, the stock has had daily average volatility of 4.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002362.SZ) For The Upcoming Trading Day Of Friday 31st
For the upcoming trading day on Friday, 31st we expect Hanwang Technology Co.,Ltd. to open at ¥17.40, and during the day (based on 14 day Average True Range), to move between ¥16.35 and ¥18.29, which gives a possible trading interval of +/-¥0.97 (+/-5.59%) up or down from last closing price. If Hanwang Technology Co.,Ltd. takes out the full calculated possible swing range there will be an estimated 11.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥17.26 (0.35%) than the resistance at ¥21.20 (22.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hanwang Technology Co.,Ltd. stock A Buy?
Hanwang Technology 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 Sell candidate.
Current score: -2.164 Sell Candidate Downgraded
Predicted Opening Price for Hanwang Technology Co.,Ltd. of Friday, May 31, 2024
| Fair opening price May 31, 2024 | Current price |
|---|---|
| ¥17.40 ( 0.443%) | ¥17.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002362.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.27 | 5.47 % | |
| R2 | 17.93 | 3.55 % | ||
| R1 | 17.73 | 2.36 % | ||
| Current price: | 17.32 | |||
| Support | S1 | 17.06 | -1.48 % | |
| S2 | 16.86 | -2.66 % | ||
| S3 | 16.53 | -4.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.26 | 22.75 % | |
| R2 | 21.25 | 22.69 % | ||
| R1 | 21.20 | 22.40 % | ||
| Current price | 17.32 | |||
| Support | S1 | 17.26 | -0.346% | |
| S2 | 16.51 | -4.68% | ||
| S3 | 0 | . |
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