Shandong Mining Machinery Group Co Ltd Stock Forecast
Shandong Mining Machinery Group Co Ltd stock price took a fall of -5.13% on Tuesday
(Updated on Apr 30, 2024)
The Shandong Mining Machinery Group Co Ltd stock price fell by -5.13% on the last day (Tuesday, 30th Apr 2024) from ¥3.12 to ¥2.96. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 7.88% from a day low at ¥2.92 to a day high of ¥3.15. The price has been going up and down for this period, and there has been a 9.63% gain for the last 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 -899 thousand shares and in total, 148 million shares were bought and sold for approximately ¥438.02 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥2.88 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 43.92% during the next 3 months and, with a 90% probability hold a price between ¥4.14 and ¥4.81 at the end of this 3-month period.
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002526.SZ Signals & Forecast
The Shandong Mining Machinery Group 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 ¥3.13. On a fall, the stock will find some support from the long-term average at approximately ¥2.89. 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. 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 Wednesday, April 24, 2024, and so far it has fallen -9.48%. 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). 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 Shandong Mining Machinery Group Co Ltd stock
Shandong Mining Machinery Group Co Ltd finds support from accumulated volume at ¥2.87 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 ¥0.230 between high and low, or 7.88%. For the last week, the stock has had daily average volatility of 7.56%.
Our recommended stop-loss: ¥2.78 (-6.08%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (002526.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Shandong Mining Machinery Group Co Ltd to open at ¥3.01, and during the day (based on 14 day Average True Range), to move between ¥2.75 and ¥3.17, which gives a possible trading interval of +/-¥0.213 (+/-7.20%) up or down from last closing price. If Shandong Mining Machinery Group Co Ltd takes out the full calculated possible swing range there will be an estimated 14.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥2.97 (0.34%) than the support at ¥2.87 (3.04%), 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 Shandong Mining Machinery Group Co Ltd stock A Buy?
Shandong Mining Machinery Group 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.
Current score: -0.153 Hold/Accumulate Unchanged
Predicted Opening Price for Shandong Mining Machinery Group Co Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ¥3.01 ( 1.69%) | ¥2.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002526.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.24 | 9.46 % | |
| R2 | 3.15 | 6.49 % | ||
| R1 | 3.10 | 4.66 % | ||
| Current price: | 2.96 | |||
| Support | S1 | 2.92 | -1.28 % | |
| S2 | 2.87 | -3.11 % | ||
| S3 | 2.78 | -6.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.13 | 5.74 % | |
| R2 | 3.00 | 1.35 % | ||
| R1 | 2.97 | 0.338 % | ||
| Current price | 2.96 | |||
| Support | S1 | 2.87 | -3.04% | |
| S2 | 2.75 | -7.09% | ||
| S3 | 2.70 | -8.78% |
002526 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 01, 2020 | Jun 01, 2020 | Jun 01, 2020 | ¥0.0100 | 0.442% |
| 2 | May 21, 2014 | May 21, 2014 | May 21, 2014 | ¥0.0138 | 0.721% |
| 3 | Jun 07, 2013 | Jun 07, 2013 | Jun 07, 2013 | ¥0.0138 | 0.665% |
| 4 | May 22, 2012 | May 22, 2012 | May 22, 2012 | ¥0.0087 | 0.349% |
| 5 | May 11, 2011 | May 11, 2011 | May 11, 2011 | ¥0.0577 | 1.25% |
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