Guangdong Redwall New Materials Co Ltd Stock Forecast

Guangdong Redwall New Materials Co Ltd stock price ended at ¥8.24 on Tuesday, after losing 0.603%.
(Updated on Apr 30, 2024)

002809.SZ Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 17.88%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Guangdong Redwall New Materials Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ¥8.25. On a fall, the stock will find some support from the short-term average at ¥7.83. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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

Guangdong Redwall New Materials Co Ltd finds support from accumulated volume at ¥7.92 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 ¥0.490 between high and low, or 6.23%. For the last week, the stock has had daily average volatility of 5.53%.

Our recommended stop-loss: ¥7.90 (-4.08%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (002809.SZ) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Guangdong Redwall New Materials Co Ltd to open at ¥8.16, and during the day (based on 14 day Average True Range), to move between ¥7.67 and ¥8.81, which gives a possible trading interval of +/-¥0.572 (+/-6.94%) 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 13.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ¥8.29 (0.61%) than the support at ¥7.92 (3.88%), 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 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.

Current score: -0.574 Hold/Accumulate Unchanged

Predicted Opening Price for Guangdong Redwall New Materials Co Ltd of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.