Shandong Longji Machinery Co Ltd Stock Forecast

Stronger technical forecast for Shandong Longji Machinery Co Ltd stock price after Friday trading.
(Updated on May 17, 2024)

002363.SZ Signals & Forecast

The Shandong Longji Machinery Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ¥6.70 and ¥6.72. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. 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. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -2.04%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Friday, March 08, 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.

Support, Risk & Stop-loss for Shandong Longji Machinery Co Ltd stock

Shandong Longji Machinery Co Ltd finds support from accumulated volume at ¥6.54 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 ¥0.150 between high and low, or 2.27%. For the last week, the stock has had daily average volatility of 3.19%.

Our recommended stop-loss: ¥6.47 (-3.69%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 31 days ago.)

Trading Expectations (002363.SZ) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Shandong Longji Machinery Co Ltd to open at ¥6.70, and during the day (based on 14 day Average True Range), to move between ¥6.39 and ¥7.05, which gives a possible trading interval of +/-¥0.334 (+/-4.97%) up or down from last closing price. If Shandong Longji Machinery Co Ltd takes out the full calculated possible swing range there will be an estimated 9.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ¥6.54 (2.68%) than the resistance at ¥7.35 (9.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Shandong Longji Machinery Co Ltd stock A Buy?

Shandong Longji Machinery Co Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.573 Hold/Accumulate Upgraded

Predicted Opening Price for Shandong Longji Machinery Co Ltd of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.