Guangdong Redwall New Materials Co Ltd Stock Forecast
Big movements in Guangdong Redwall New Materials Co Ltd stock price on Friday moving 16.44% between high and low
(Updated on Apr 19, 2024)
The Guangdong Redwall New Materials Co Ltd stock price fell by -0.662% on the last day (Friday, 19th Apr 2024) from ¥7.55 to ¥7.50. During the last trading day the stock fluctuated 16.44% from a day low at ¥7.36 to a day high of ¥8.57. The price has fallen in 7 of the last 10 days and is down by -16.29% for this period. 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 -2 million shares and in total, 3 million shares were bought and sold for approximately ¥20.42 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Guangdong Redwall New Materials Co Ltd stock with a 90% probability to be traded between ¥6.28 and ¥8.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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002809.SZ Signals & Forecast
There are few to no technical positive signals at the moment. The Guangdong Redwall 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 ¥7.79 and ¥8.25. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 02, 2024, and so far it has fallen -16.67%. 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 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 Guangdong Redwall New Materials Co Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ¥6.99 and ¥6.79. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Guangdong Redwall New Materials Co Ltd finds support just below today's level at ¥6.99. If this is broken, then the next support from accumulated volume will be at ¥6.79 and ¥6.39.
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 ¥1.21 between high and low, or 16.44%. For the last week, the stock has had daily average volatility of 17.87%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002809.SZ) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Guangdong Redwall New Materials Co Ltd to open at ¥7.81, and during the day (based on 14 day Average True Range), to move between ¥6.82 and ¥8.18, which gives a possible trading interval of +/-¥0.682 (+/-9.10%) up or down from last closing price. If Guangdong Redwall New Materials Co Ltd takes out the full calculated possible swing range there will be an estimated 18.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥7.57 (0.93%) than the support at ¥6.99 (6.80%), 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 Redwall New Materials Co Ltd stock A Buy?
Guangdong Redwall 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.
Current score: -4.274 Sell Candidate Unchanged
Predicted Opening Price for Guangdong Redwall New Materials Co Ltd of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ¥7.81 ( 4.13%) | ¥7.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002809.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.02 | 20.27 % | |
| R2 | 8.56 | 14.10 % | ||
| R1 | 8.27 | 10.30 % | ||
| Current price: | 7.50 | |||
| Support | S1 | 7.35 | -2.03 % | |
| S2 | 7.06 | -5.84 % | ||
| S3 | 6.60 | -12.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.92 | 5.60 % | |
| R2 | 7.66 | 2.13 % | ||
| R1 | 7.57 | 0.93 % | ||
| Current price | 7.50 | |||
| Support | S1 | 6.99 | -6.80% | |
| S2 | 6.79 | -9.47% | ||
| S3 | 6.39 | -14.80% |
002809 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 29, 2023 | Jun 29, 2023 | Jun 29, 2023 | ¥0.100 | 0.93% |
| 2 | Jun 02, 2022 | Jun 02, 2022 | Jun 02, 2022 | ¥0.100 | 1.06% |
| 3 | Sep 23, 2020 | Sep 23, 2020 | Sep 23, 2020 | ¥0.100 | 0.796% |
| 4 | May 27, 2020 | May 27, 2020 | May 27, 2020 | ¥0.0365 | 0.302% |
| 5 | Jun 12, 2019 | Jun 12, 2019 | Jun 12, 2019 | ¥0.118 | 1.14% |
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