Zhejiang Renzhi Co Ltd Stock Forecast
Zhejiang Renzhi Co Ltd stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 10, 2024)
The Zhejiang Renzhi Co Ltd stock price fell by -1.99% on the last day (Friday, 10th May 2024) from ¥2.51 to ¥2.46. During the last trading day the stock fluctuated 4.51% from a day low at ¥2.44 to a day high of ¥2.55. The price has risen in 6 of the last 10 days and is up by 9.33% over the past 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 -132 thousand shares and in total, 9 million shares were bought and sold for approximately ¥21.09 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -16.73% during the next 3 months and, with a 90% probability hold a price between ¥1.74 and ¥2.38 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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002629.SZ Signals & Forecast
There are mixed signals in the stock today. The Zhejiang Renzhi 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 ¥2.47 and ¥2.67. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 11.31%. 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).
Support, Risk & Stop-loss for Zhejiang Renzhi Co Ltd stock
Zhejiang Renzhi Co Ltd finds support from accumulated volume at ¥2.45 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 ¥0.110 between high and low, or 4.51%. For the last week, the stock has had daily average volatility of 5.52%.
Our recommended stop-loss: ¥2.36 (-3.88%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (002629.SZ) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Zhejiang Renzhi Co Ltd to open at ¥2.48, and during the day (based on 14 day Average True Range), to move between ¥2.25 and ¥2.67, which gives a possible trading interval of +/-¥0.215 (+/-8.73%) up or down from last closing price. If Zhejiang Renzhi Co Ltd takes out the full calculated possible swing range there will be an estimated 17.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥2.45 (0.41%) than the resistance at ¥2.56 (4.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zhejiang Renzhi Co Ltd stock A Buy?
Zhejiang Renzhi 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.844 Hold/Accumulate Upgraded
Predicted Opening Price for Zhejiang Renzhi Co Ltd of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ¥2.48 ( 0.95%) | ¥2.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002629.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.59 | 5.42 % | |
| R2 | 2.55 | 3.71 % | ||
| R1 | 2.53 | 2.66 % | ||
| Current price: | 2.46 | |||
| Support | S1 | 2.44 | -0.760 % | |
| S2 | 2.42 | -1.81 % | ||
| S3 | 2.37 | -3.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.77 | 12.60 % | |
| R2 | 2.66 | 8.13 % | ||
| R1 | 2.56 | 4.07 % | ||
| Current price | 2.46 | |||
| Support | S1 | 2.45 | -0.407% | |
| S2 | 2.31 | -6.10% | ||
| S3 | 2.25 | -8.54% |
002629 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 04, 2015 | Jun 04, 2015 | Jun 04, 2015 | ¥0.0133 | 0.101% |
| 2 | Jul 17, 2014 | Jul 17, 2014 | Jul 17, 2014 | ¥0.0200 | 0.294% |
| 3 | May 10, 2013 | May 10, 2013 | May 10, 2013 | ¥0.0556 | 1.20% |
| 4 | May 25, 2012 | May 25, 2012 | May 25, 2012 | ¥0.0889 | 2.08% |
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