Chongqing Sansheng Industrial Co Ltd Stock Forecast
High volatility in Chongqing Sansheng Industrial Co Ltd stock price on Friday which ended trading at ¥2.12
(Updated on Apr 26, 2024)
The Chongqing Sansheng Industrial Co Ltd stock price fell by -3.64% on the last day (Friday, 26th Apr 2024) from ¥2.20 to ¥2.12. During the last trading day the stock fluctuated 17.70% from a day low at ¥2.09 to a day high of ¥2.46. The price has fallen in 9 of the last 10 days and is down by -29.1% for this period. 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, 14 million shares were bought and sold for approximately ¥30.03 million.
The stock has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (¥2.31) are considered to be a "second chance" to get out. According to the fan-theory ¥1.50 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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002742.SZ Signals & Forecast
There are few to no technical positive signals at the moment. The Chongqing Sansheng Industrial 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 ¥2.31 and ¥2.89. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -36.34%. 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 Chongqing Sansheng Industrial 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 ¥0.370 between high and low, or 17.70%. For the last week, the stock has had daily average volatility of 12.72%.
Chongqing Sansheng Industrial Co Ltd is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002742.SZ) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Chongqing Sansheng Industrial Co Ltd to open at ¥2.22, and during the day (based on 14 day Average True Range), to move between ¥1.89 and ¥2.35, which gives a possible trading interval of +/-¥0.229 (+/-10.81%) up or down from last closing price. If Chongqing Sansheng Industrial Co Ltd takes out the full calculated possible swing range there will be an estimated 21.61% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ¥2.21, some ¥0.0900 (4.25%) from the current price of ¥2.12, our system finds the risk reward not very attractive.
Is Chongqing Sansheng Industrial Co Ltd stock A Buy?
Chongqing Sansheng Industrial 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.
Current score: -5.534 Strong Sell Candidate Unchanged
Predicted Opening Price for Chongqing Sansheng Industrial Co Ltd of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| ¥2.22 ( 4.87%) | ¥2.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002742.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.59 | 22.33 % | |
| R2 | 2.45 | 15.66 % | ||
| R1 | 2.36 | 11.54 % | ||
| Current price: | 2.12 | |||
| Support | S1 | 2.08 | -1.79 % | |
| S2 | 1.99 | -5.91 % | ||
| S3 | 1.85 | -12.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.63 | 24.06 % | |
| R2 | 2.32 | 9.43 % | ||
| R1 | 2.21 | 4.25 % | ||
| Current price | 2.12 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
002742 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 01, 2020 | Jul 01, 2020 | Jul 01, 2020 | ¥0.0400 | 0.638% |
| 2 | Aug 22, 2019 | Aug 22, 2019 | Aug 22, 2019 | ¥0.100 | 1.62% |
| 3 | May 11, 2018 | May 11, 2018 | May 11, 2018 | ¥0.0700 | 0.515% |
| 4 | May 12, 2017 | May 12, 2017 | May 12, 2017 | ¥0.0750 | 0.560% |
| 5 | May 24, 2016 | May 24, 2016 | May 24, 2016 | ¥0.0833 | 0.81% |
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