Shandong Sunway Petrochmcl Engg Co Ltd Stock Forecast
Shandong Sunway Petrochmcl Engg Co Ltd stock downgraded to Sell Candidate
(Updated on Jun 21, 2024)
The Shandong Sunway Petrochmcl Engg Co Ltd stock price gained 0.524% on the last trading day (Friday, 21st Jun 2024), rising from ¥5.72 to ¥5.75. During the last trading day the stock fluctuated 1.93% from a day low at ¥5.69 to a day high of ¥5.80. The price has risen in 6 of the last 10 days but is still down by -1.88% for this period. Volume fell on the last day by -907 thousand shares and in total, 4 million shares were bought and sold for approximately ¥20.18 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a 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 2.04% during the next 3 months and, with a 90% probability hold a price between ¥5.76 and ¥6.26 at the end of this 3-month period.
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002469.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 2.13%. Further rise is indicated until a new top pivot has been found. 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. The Shandong Sunway Petrochmcl Engg 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 ¥5.79 and ¥5.87. 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).
A buy signal from a double bottom formation was found on Thursday, June 06, 2024 and based on theory for this formation the price should go up by 9.01% to ¥6.27 within 25 trading days since signal was issued (Tuesday, July 16, 2024).
Support, Risk & Stop-loss for Shandong Sunway Petrochmcl Engg Co Ltd stock
Shandong Sunway Petrochmcl Engg Co Ltd finds support from accumulated volume at ¥5.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ¥0.110 (1.93%) between high and low. For the last week, the stock has had daily average volatility of 2.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002469.SZ) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Shandong Sunway Petrochmcl Engg Co Ltd to open at ¥5.75, and during the day (based on 14 day Average True Range), to move between ¥5.57 and ¥5.93, which gives a possible trading interval of +/-¥0.181 (+/-3.15%) up or down from last closing price. If Shandong Sunway Petrochmcl Engg Co Ltd takes out the full calculated possible swing range there will be an estimated 6.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥5.67 (1.39%) than the resistance at ¥5.91 (2.78%), 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 Sunway Petrochmcl Engg Co Ltd stock A Buy?
The Shandong Sunway Petrochmcl Engg Co Ltd stock holds several negative signals and despite the positive trend, we believe Shandong Sunway Petrochmcl Engg Co Ltd will perform weakly in the next couple of days or weeks. Therefore, we 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: -3.136 Sell Candidate Downgraded
Predicted Opening Price for Shandong Sunway Petrochmcl Engg Co Ltd of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ¥5.75 ( 0.0580%) | ¥5.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002469.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.86 | 1.86% |
| R2 | 5.81 | 1.12% |
| R1 | 5.79 | 0.673% |
| Price | 5.75 | |
| S1 | 5.70 | -0.789% |
| S2 | 5.68 | -1.24% |
| S3 | 5.64 | -1.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.01 | 4.52% |
| R2 | 5.92 | 2.96% |
| R1 | 5.91 | 2.78% |
| Price | 5.75 | |
| S1 | 5.67 | -1.39% |
| S2 | 5.63 | -2.09% |
| S3 | 5.57 | -3.13% |
002469 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 26, 2024 | Apr 26, 2024 | Apr 26, 2024 | ¥0.300 | 5.34% |
| 2 | May 25, 2023 | May 25, 2023 | May 25, 2023 | ¥0.250 | 3.96% |
| 3 | Apr 28, 2022 | Apr 28, 2022 | Apr 28, 2022 | ¥0.250 | 5.15% |
| 4 | Apr 30, 2021 | Apr 30, 2021 | Apr 30, 2021 | ¥0.150 | 2.52% |
| 5 | May 26, 2020 | May 26, 2020 | May 26, 2020 | ¥0.100 | 2.20% |
FAQ
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