Harbin Boshi Automation Co Ltd Stock Forecast
Weaker technical forecast for Harbin Boshi Automation Co Ltd as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)
The Harbin Boshi Automation Co Ltd stock price fell by -0.448% on the last day (Friday, 17th May 2024) from ¥15.63 to ¥15.56. During the last trading day the stock fluctuated 2.76% from a day low at ¥15.24 to a day high of ¥15.66. The price has fallen in 5 of the last 10 days but is still up by 1.3% 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 -6 million shares and in total, 13 million shares were bought and sold for approximately ¥195.63 million.
The stock lies in the middle of a very wide and weak 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 4.85% during the next 3 months and, with a 90% probability hold a price between ¥15.04 and ¥21.00 at the end of this 3-month period.
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002698.SZ Signals & Forecast
The Harbin Boshi Automation 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 ¥15.25 and ¥15.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 10.91%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Harbin Boshi Automation Co Ltd stock
Harbin Boshi Automation Co Ltd finds support from accumulated volume at ¥15.37 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 ¥0.420 between high and low, or 2.76%. For the last week, the stock has had daily average volatility of 4.41%.
Our recommended stop-loss: ¥14.64 (-5.90%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (002698.SZ) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Harbin Boshi Automation Co Ltd to open at ¥15.49, and during the day (based on 14 day Average True Range), to move between ¥14.81 and ¥16.31, which gives a possible trading interval of +/-¥0.752 (+/-4.83%) up or down from last closing price. If Harbin Boshi Automation Co Ltd takes out the full calculated possible swing range there will be an estimated 9.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥15.37 (1.22%) than the resistance at ¥16.84 (8.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Harbin Boshi Automation Co Ltd stock A Buy?
Harbin Boshi Automation 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. 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: 0.956 Hold/Accumulate Downgraded
Predicted Opening Price for Harbin Boshi Automation Co Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| ¥15.49 ( 0.471%) | ¥15.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002698.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.91 | 2.23 % | |
| R2 | 15.75 | 1.20 % | ||
| R1 | 15.65 | 0.560 % | ||
| Current price: | 15.56 | |||
| Support | S1 | 15.33 | -1.50 % | |
| S2 | 15.23 | -2.14 % | ||
| S3 | 15.07 | -3.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.42 | 24.81 % | |
| R2 | 17.84 | 14.65 % | ||
| R1 | 16.84 | 8.23 % | ||
| Current price | 15.56 | |||
| Support | S1 | 15.37 | -1.22% | |
| S2 | 14.70 | -5.53% | ||
| S3 | 14.49 | -6.88% |
002698 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 11, 2023 | Jul 11, 2023 | Jul 11, 2023 | ¥0.250 | 1.35% |
| 2 | Jun 17, 2022 | Jun 17, 2022 | Jun 17, 2022 | ¥0.250 | 2.20% |
| 3 | Jun 22, 2021 | Jun 22, 2021 | Jun 22, 2021 | ¥0.200 | 1.61% |
| 4 | Jun 18, 2020 | Jun 18, 2020 | Jun 18, 2020 | ¥0.180 | 1.48% |
| 5 | May 31, 2019 | May 31, 2019 | May 31, 2019 | ¥0.0933 | 1.08% |
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