Jiangsu Guoxin Corp Ltd Stock Forecast
Jiangsu Guoxin Corp Ltd stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Mar 28, 2024)
The Jiangsu Guoxin Corp Ltd stock price gained 3.61% on the last trading day (Thursday, 28th Mar 2024), rising from ¥7.48 to ¥7.75. During the last trading day the stock fluctuated 6.68% from a day low at ¥7.33 to a day high of ¥7.82. The price has risen in 5 of the last 10 days and is up by 5.87% 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, 24 million shares were bought and sold for approximately ¥184.72 million.
The stock has broken the wide and 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 ¥7.70, a level that may pose a second chance to hit a runner. According to fan-theory ¥8.51 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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002608.SZ Signals & Forecast
The Jiangsu Guoxin Corp 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 ¥7.43 and ¥7.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 05, 2024, and so far it has risen 21.09%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Jiangsu Guoxin Corp Ltd stock
Jiangsu Guoxin Corp Ltd finds support from accumulated volume at ¥7.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ¥0.490 between high and low, or 6.68%. For the last week the stock has had daily average volatility of 3.67%.
Our recommended stop-loss: ¥7.45 (-3.88%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (002608.SZ) For The Upcoming Trading Day Of Friday 29th
For the upcoming trading day on Friday, 29th we expect Jiangsu Guoxin Corp Ltd to open at ¥7.63, and during the day (based on 14 day Average True Range), to move between ¥7.52 and ¥7.98, which gives a possible trading interval of +/-¥0.235 (+/-3.03%) up or down from last closing price. If Jiangsu Guoxin Corp Ltd takes out the full calculated possible swing range there will be an estimated 6.06% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ¥7.48, some ¥0.270 (3.48%) from the current price of ¥7.75, our system finds the risk reward attractive.
Is Jiangsu Guoxin Corp Ltd stock A Buy?
Jiangsu Guoxin Corp 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 Jiangsu Guoxin Corp Ltd of Friday, March 29, 2024
Fair opening price March 29, 2024 | Current price |
---|---|
¥7.63 ( 1.51%) | ¥7.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002608.SZ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.12 | 4.82 % | |
R2 | 7.94 | 2.40 % | ||
R1 | 7.82 | 0.91 % | ||
Current price: | 7.75 | |||
Support | S1 | 7.45 | -3.92 % | |
S2 | 7.33 | -5.41 % | ||
S3 | 7.14 | -7.83 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 7.75 | |||
Support | S1 | 7.48 | -3.48% | |
S2 | 7.32 | -5.55% | ||
S3 | 7.01 | -9.55% |
002608 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 13, 2023 | Jul 13, 2023 | Jul 13, 2023 | ¥0.100 | 1.34% |
2 | Jun 30, 2021 | Jun 30, 2021 | Jun 30, 2021 | ¥0.200 | 3.13% |
3 | Jul 14, 2014 | Jul 14, 2014 | Jul 14, 2014 | ¥0.0246 | 0.637% |
4 | Jul 15, 2013 | Jul 15, 2013 | Jul 15, 2013 | ¥0.0246 | 0.754% |
5 | Jul 04, 2012 | Jul 04, 2012 | Jul 04, 2012 | ¥0.0246 | 0.790% |
FAQ
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