Guangdong Chant Group Co Ltd Stock Forecast
Volatile ride for Guangdong Chant Group Co Ltd stock price on Tuesday moving between ¥4.18 and ¥4.65
(Updated on Apr 30, 2024)
The Guangdong Chant Group Co Ltd stock price gained 3.39% on the last trading day (Tuesday, 30th Apr 2024), rising from ¥4.42 to ¥4.57. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 11.24% from a day low at ¥4.18 to a day high of ¥4.65. The price has risen in 7 of the last 10 days and is up by 17.78% 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, 14 million shares were bought and sold for approximately ¥65.58 million.
The stock lies in the middle of a very wide and strong 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 10.11% during the next 3 months and, with a 90% probability hold a price between ¥4.21 and ¥5.31 at the end of this 3-month period.
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002616.SZ Signals & Forecast
The Guangdong Chant Group Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ¥4.22 and ¥4.43. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -2.56%. 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).
Support, Risk & Stop-loss for Guangdong Chant Group Co Ltd stock
Guangdong Chant Group Co Ltd finds support from accumulated volume at ¥4.42 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 ¥0.470 between high and low, or 11.24%. For the last week, the stock has had daily average volatility of 4.82%.
Since the Guangdong Chant Group Co Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: ¥4.38 (-4.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (002616.SZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Guangdong Chant Group Co Ltd to open at ¥4.47, and during the day (based on 14 day Average True Range), to move between ¥4.32 and ¥4.82, which gives a possible trading interval of +/-¥0.253 (+/-5.53%) up or down from last closing price. If Guangdong Chant Group Co Ltd takes out the full calculated possible swing range there will be an estimated 11.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥4.58 (0.22%) than the support at ¥4.42 (3.28%), 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 Guangdong Chant Group Co Ltd stock A Buy?
Guangdong Chant 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: 0.074 Hold/Accumulate Unchanged
Predicted Opening Price for Guangdong Chant Group Co Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ¥4.47 ( 2.26%) | ¥4.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002616.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.94 | 8.02 % | |
| R2 | 4.76 | 4.09 % | ||
| R1 | 4.65 | 1.67 % | ||
| Current price: | 4.57 | |||
| Support | S1 | 4.29 | -6.19 % | |
| S2 | 4.18 | -8.62 % | ||
| S3 | 4.00 | -12.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.67 | 2.19 % | |
| R2 | 4.63 | 1.31 % | ||
| R1 | 4.58 | 0.219 % | ||
| Current price | 4.57 | |||
| Support | S1 | 4.42 | -3.28% | |
| S2 | 4.25 | -7.00% | ||
| S3 | 4.08 | -10.72% |
002616 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 30, 2021 | Apr 30, 2021 | Apr 30, 2021 | ¥0.200 | 3.08% |
| 2 | Jun 03, 2020 | Jun 03, 2020 | Jun 03, 2020 | ¥0.200 | 2.01% |
| 3 | Oct 23, 2018 | Oct 23, 2018 | Oct 23, 2018 | ¥0.200 | 4.18% |
| 4 | Sep 28, 2016 | Sep 28, 2016 | Sep 28, 2016 | ¥0.0600 | 0.687% |
| 5 | Oct 19, 2015 | Oct 19, 2015 | Oct 19, 2015 | ¥0.175 | 1.49% |
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