Anhui Jinhe Industrial Co Ltd Stock Forecast
High volatility in Anhui Jinhe Industrial Co Ltd stock price on Tuesday which ended trading at ¥24.61
(Updated on Apr 30, 2024)
The Anhui Jinhe Industrial Co Ltd stock price gained 0.90% on the last trading day (Tuesday, 30th Apr 2024), rising from ¥24.39 to ¥24.61. It has now gained 4 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 14.60% from a day low at ¥22.13 to a day high of ¥25.36. The price has risen in 7 of the last 10 days and is up by 17.92% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 17 million shares were bought and sold for approximately ¥410.30 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 has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ¥21.83, a level that may pose a second chance to hit a runner.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
002597.SZ Signals & Forecast
The Anhui Jinhe Industrial Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥22.70 and ¥20.10. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 34.63%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
Support, Risk & Stop-loss for Anhui Jinhe Industrial Co Ltd stock
Anhui Jinhe Industrial Co Ltd finds support from accumulated volume at ¥24.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ¥3.23 between high and low, or 14.60%. For the last week, the stock has had daily average volatility of 10.06%.
The Anhui Jinhe Industrial Co Ltd stock is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ¥23.58 (-4.17%) (This stock has high daily movements and this gives high risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (002597.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Anhui Jinhe Industrial Co Ltd to open at ¥24.03, and during the day (based on 14 day Average True Range), to move between ¥23.23 and ¥25.99, which gives a possible trading interval of +/-¥1.38 (+/-5.62%) up or down from last closing price. If Anhui Jinhe Industrial Co Ltd takes out the full calculated possible swing range there will be an estimated 11.25% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ¥24.39, some ¥0.220 (0.89%) from the current price of ¥24.61, our system finds the risk reward attractive.
Is Anhui Jinhe Industrial Co Ltd stock A Buy?
Anhui Jinhe Industrial 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: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Anhui Jinhe Industrial Co Ltd of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
¥24.03 ( 2.34%) | ¥24.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002597.SZ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 27.26 | 10.78 % | |
R2 | 26.03 | 5.77 % | ||
R1 | 25.27 | 2.67 % | ||
Current price: | 24.61 | |||
Support | S1 | 22.80 | -7.36 % | |
S2 | 22.04 | -10.45 % | ||
S3 | 20.80 | -15.47 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 24.61 | |||
Support | S1 | 24.39 | -0.89% | |
S2 | 21.81 | -11.38% | ||
S3 | 21.13 | -14.14% |
002597 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 31, 2023 | May 31, 2023 | May 31, 2023 | ¥0.80 | 3.52% |
2 | Apr 29, 2022 | Apr 29, 2022 | Apr 29, 2022 | ¥0.650 | 1.71% |
3 | May 21, 2021 | May 21, 2021 | May 21, 2021 | ¥0.450 | 1.38% |
4 | Apr 16, 2020 | Apr 16, 2020 | Apr 16, 2020 | ¥0.540 | 2.84% |
5 | Apr 26, 2019 | Apr 26, 2019 | Apr 26, 2019 | ¥0.360 | 1.81% |
FAQ
Click here for our free guide on how to buy Anhui Jinhe Industrial Co Ltd Stock.