Shenzhen MTC Co.,Ltd. Stock Forecast
Weaker technical forecast for Shenzhen MTC Co.,Ltd. as stock downgraded to Sell Candidate.
(Updated on Apr 30, 2024)
The Shenzhen MTC Co.,Ltd. stock price fell by -1.09% on the last day (Tuesday, 30th Apr 2024) from ¥5.49 to ¥5.43. During the last trading day the stock fluctuated 2.21% from a day low at ¥5.43 to a day high of ¥5.55. The price has risen in 6 of the last 10 days and is up by 8.82% 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 -11 million shares and in total, 35 million shares were bought and sold for approximately ¥191.00 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.66% during the next 3 months and, with a 90% probability hold a price between ¥4.77 and ¥6.04 at the end of this 3-month period.
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002429.SZ Signals & Forecast
The Shenzhen MTC Co.,Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ¥5.46. On a fall, the stock will find some support from the long-term average at approximately ¥5.22. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -1.45%. 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 MTC Co.,Ltd. stock
Shenzhen MTC Co.,Ltd. finds support from accumulated volume at ¥5.25 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 ¥0.120 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 3.03%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002429.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Shenzhen MTC Co.,Ltd. to open at ¥5.47, and during the day (based on 14 day Average True Range), to move between ¥5.20 and ¥5.66, which gives a possible trading interval of +/-¥0.229 (+/-4.21%) up or down from last closing price. If Shenzhen MTC Co.,Ltd. takes out the full calculated possible swing range there will be an estimated 8.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥5.45 (0.37%) than the support at ¥5.25 (3.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Shenzhen MTC Co.,Ltd. will release earnings BMO on Thursday, May 09, 2024. We will update the financials statements for Shenzhen MTC Co.,Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.76% in the first trading day after earnings release.
Is Shenzhen MTC Co.,Ltd. stock A Buy?
Shenzhen MTC Co.,Ltd. holds several negative signals and we believe that 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 Buy to a Sell candidate.
Current score: -1.049 Sell Candidate Downgraded
Predicted Opening Price for Shenzhen MTC Co.,Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ¥5.47 ( 0.737%) | ¥5.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002429.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.59 | 2.95 % | |
| R2 | 5.54 | 2.10 % | ||
| R1 | 5.52 | 1.58 % | ||
| Current price: | 5.43 | |||
| Support | S1 | 5.42 | -0.108 % | |
| S2 | 5.40 | -0.629 % | ||
| S3 | 5.35 | -1.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.50 | 1.29 % | |
| R2 | 5.49 | 1.10 % | ||
| R1 | 5.45 | 0.368 % | ||
| Current price | 5.43 | |||
| Support | S1 | 5.25 | -3.31% | |
| S2 | 5.05 | -7.00% | ||
| S3 | 4.73 | -12.89% |
002429 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2023 | Jun 14, 2023 | Jun 14, 2023 | ¥0.0760 | 1.40% |
| 2 | Jun 09, 2017 | Jun 09, 2017 | Jun 09, 2017 | ¥0.0100 | 0.313% |
| 3 | May 18, 2016 | May 18, 2016 | May 18, 2016 | ¥0.0308 | 0.85% |
| 4 | Jun 10, 2015 | Jun 10, 2015 | Jun 10, 2015 | ¥0.0104 | 0.184% |
| 5 | Jun 21, 2013 | Jun 21, 2013 | Jun 21, 2013 | ¥0.0356 | 1.57% |
FAQ
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