Shandong Sunway Petrochmcl Engg Co Ltd Stock Forecast
Evaluation of Shandong Sunway Petrochmcl Engg Co Ltd stock downgraded after the last trading session.
(Updated on Jun 27, 2024)
The Shandong Sunway Petrochmcl Engg Co Ltd stock price gained 0.176% on the last trading day (Thursday, 27th Jun 2024), rising from ¥5.68 to ¥5.69. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.01% from a day low at ¥5.65 to a day high of ¥5.82. The price has risen in 7 of the last 10 days but is still down by -1.73% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately ¥32.68 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Shandong Sunway Petrochmcl Engg Co Ltd stock with a 90% probability to be traded between ¥5.45 and ¥5.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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002469.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 2.15%. Further rise is indicated until a new top pivot has been found. 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. 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 ¥5.69 and ¥5.86. 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 sell signal from a double top formation was found on Wednesday, April 24, 2024 and based on theory for this formation the price should fall by -2.11% to ¥5.57 within 9 trading days since signal was issued (Friday, May 10, 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 ¥0.170 (3.01%) between high and low. For the last week, the stock has had daily average volatility of 2.83%.
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 Friday 28th
For the upcoming trading day on Friday, 28th we expect Shandong Sunway Petrochmcl Engg Co Ltd to open at ¥5.72, and during the day (based on 14 day Average True Range), to move between ¥5.51 and ¥5.87, which gives a possible trading interval of +/-¥0.179 (+/-3.14%) 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 6.28% 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 (0.35%) than the resistance at ¥5.91 (3.87%), 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?
Shandong Sunway Petrochmcl Engg Co Ltd holds several negative signals and is within a 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: -1.685 Sell Candidate Downgraded
Predicted Opening Price for Shandong Sunway Petrochmcl Engg Co Ltd of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ¥5.72 ( 0.527%) | ¥5.69 |
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 | 5.89 | 3.51% |
| R2 | 5.83 | 2.37% |
| R1 | 5.78 | 1.67% |
| Price | 5.69 | |
| S1 | 5.66 | -0.614% |
| S2 | 5.61 | -1.32% |
| S3 | 5.55 | -2.46% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.01 | 5.62% |
| R2 | 5.92 | 4.04% |
| R1 | 5.91 | 3.87% |
| Price | 5.69 | |
| S1 | 5.67 | -0.351% |
| S2 | 5.63 | -1.05% |
| S3 | 5.62 | -1.23% |
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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