Longxing Chemical Stock Co Ltd Stock Forecast
On Monday, Longxing Chemical Stock Co Ltd stock price gained an impressive 5.93%
(Updated on May 06, 2024)
The Longxing Chemical Stock Co Ltd stock price gained 5.93% on the last trading day (Monday, 6th May 2024), rising from ¥4.72 to ¥5.00. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 7.02% from a day low at ¥4.70 to a day high of ¥5.03. The price has risen in 7 of the last 10 days and is up by 13.9% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 22 million shares were bought and sold for approximately ¥108.74 million.
The stock lies in the middle of a very wide and strong 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 13.64% during the next 3 months and, with a 90% probability hold a price between ¥4.66 and ¥5.99 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
002442.SZ Signals & Forecast
The Longxing Chemical Stock 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 ¥4.58 and ¥4.70. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -1.57%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Longxing Chemical Stock Co Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ¥4.42 and ¥4.27. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Longxing Chemical Stock Co Ltd finds support just below today's level at ¥4.42. If this is broken, then the next support from accumulated volume will be at ¥4.27 and ¥3.82.
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 ¥0.330 between high and low, or 7.02%. For the last week, the stock has had daily average volatility of 6.03%.
Since the Longxing Chemical Stock Co Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ¥4.79 (-4.11%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (002442.SZ) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Longxing Chemical Stock Co Ltd to open at ¥4.91, and during the day (based on 14 day Average True Range), to move between ¥4.70 and ¥5.30, which gives a possible trading interval of +/-¥0.303 (+/-6.06%) up or down from last closing price. If Longxing Chemical Stock Co Ltd takes out the full calculated possible swing range there will be an estimated 12.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥5.06 (1.20%) than the support at ¥4.42 (11.60%), 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.
Is Longxing Chemical Stock Co Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Longxing Chemical Stock Co Ltd stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.635 Buy Candidate Upgraded
Predicted Opening Price for Longxing Chemical Stock Co Ltd of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
¥4.91 ( 1.80%) | ¥5.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002442.SZ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.24 | 4.80 % | |
R2 | 5.11 | 2.28 % | ||
R1 | 5.04 | 0.721 % | ||
Current price: | 5.00 | |||
Support | S1 | 4.78 | -4.32 % | |
S2 | 4.71 | -5.88 % | ||
S3 | 4.58 | -8.40 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.08 | 1.60 % | |
R2 | 5.07 | 1.40 % | ||
R1 | 5.06 | 1.20 % | ||
Current price | 5.00 | |||
Support | S1 | 4.42 | -11.60% | |
S2 | 4.27 | -14.60% | ||
S3 | 3.82 | -23.60% |
002442 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 22, 2022 | Jun 22, 2022 | Jun 22, 2022 | ¥0.100 | 1.85% |
2 | Apr 16, 2019 | Apr 16, 2019 | Apr 16, 2019 | ¥0.100 | 1.18% |
3 | Jun 10, 2014 | Jun 10, 2014 | Jun 10, 2014 | ¥0.0400 | 0.97% |
4 | Apr 11, 2012 | Apr 11, 2012 | Apr 11, 2012 | ¥0.133 | 2.17% |
5 | Apr 29, 2011 | Apr 29, 2011 | Apr 29, 2011 | ¥0.0833 | 1.41% |
FAQ
Click here for our free guide on how to buy Longxing Chemical Stock Co Ltd Stock.