Shanghai Kangda New Materials Co Ltd Stock Forecast
A very red day for Shanghai Kangda New Materials Co Ltd stock price after a -5.21% fall in the Monday trading session
(Updated on Jun 24, 2024)
The Shanghai Kangda New Materials Co Ltd stock price fell by -5.21% on the last day (Monday, 24th Jun 2024) from ¥8.45 to ¥8.01. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 6.13% from a day low at ¥8.00 to a day high of ¥8.49. The price has been going up and down for this period, and there has been a -2.79% loss for the last 2 weeks. Volume has increased on the last day by 3 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 million shares were bought and sold for approximately ¥56.51 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 -18.36% during the next 3 months and, with a 90% probability hold a price between ¥5.62 and ¥7.85 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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002669.SZ Signals & Forecast
There are few to no technical positive signals at the moment. The Shanghai Kangda New Materials 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 ¥8.56 and ¥9.29. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -22.23%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Shanghai Kangda New Materials Co Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 ¥0.490 between high and low, or 6.13%. For the last week, the stock has had daily average volatility of 4.75%.
Shanghai Kangda New Materials Co Ltd is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002669.SZ) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect Shanghai Kangda New Materials Co Ltd to open at ¥8.17, and during the day (based on 14 day Average True Range), to move between ¥7.28 and ¥8.74, which gives a possible trading interval of +/-¥0.726 (+/-9.07%) up or down from last closing price. If Shanghai Kangda New Materials Co Ltd takes out the full calculated possible swing range there will be an estimated 18.14% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ¥9.00, some ¥0.99 (12.36%) from the current price of ¥8.01, our system finds the risk reward not very attractive.
Is Shanghai Kangda New Materials Co Ltd stock A Buy?
Shanghai Kangda New Materials Co Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.968 Strong Sell Candidate Downgraded
Predicted Opening Price for Shanghai Kangda New Materials Co Ltd of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| ¥8.17 ( 1.96%) | ¥8.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002669.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.66 | 8.07% |
| R2 | 8.47 | 5.74% |
| R1 | 8.35 | 4.29% |
| Price | 8.01 | |
| S1 | 7.98 | -0.381% |
| S2 | 7.86 | -1.82% |
| S3 | 7.68 | -4.16% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.75 | 21.72% |
| R2 | 9.22 | 15.11% |
| R1 | 9.00 | 12.36% |
| Price | 8.01 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
002669 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 29, 2024 | May 29, 2024 | May 29, 2024 | ¥0.0700 | 0.692% |
| 2 | May 17, 2021 | May 17, 2021 | May 17, 2021 | ¥0.200 | 1.66% |
| 3 | Jun 12, 2020 | Jun 12, 2020 | Jun 12, 2020 | ¥0.0802 | 0.548% |
| 4 | May 21, 2019 | May 21, 2019 | May 21, 2019 | ¥0.0770 | 0.586% |
| 5 | May 24, 2018 | May 24, 2018 | May 24, 2018 | ¥0.0370 | 0.160% |
FAQ
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