Shenzhen Magic Design & Decoration Stock Forecast
High volatility in Shenzhen Magic Design & Decoration stock price on Tuesday which ended trading at ¥10.72
(Updated on Jun 18, 2024)
The Shenzhen Magic Design & Decoration stock price fell by -7.11% on the last day (Tuesday, 18th Jun 2024) from ¥11.54 to ¥10.72. During the last trading day the stock fluctuated 19.16% from a day low at ¥9.81 to a day high of ¥11.69. The price has risen in 6 of the last 10 days and is up by 31.53% 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 -540 thousand shares and in total, 14 million shares were bought and sold for approximately ¥148.54 million.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ¥11.56 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 10.98% during the next 3 months and, with a 90% probability hold a price between ¥7.69 and ¥12.83 at the end of this 3-month period.
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002856.SZ Signals & Forecast
The Shenzhen Magic Design & Decoration stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥10.06 and ¥8.35. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -7.11%. Further fall is indicated until a new bottom pivot has been found. 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 Shenzhen Magic Design & Decoration stock
On the downside, the stock finds support just below today's level from accumulated volume at ¥8.65 and ¥8.34. 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, Shenzhen Magic Design & Decoration finds support just below today's level at ¥8.65. If this is broken, then the next support from accumulated volume will be at ¥8.34 and ¥8.18.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ¥1.88 between high and low, or 19.16%. For the last week, the stock has had daily average volatility of 22.06%.
Our recommended stop-loss: ¥10.12 (-5.64%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 37 days ago.)
Trading Expectations (002856.SZ) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Shenzhen Magic Design & Decoration Engineering Co., Ltd. to open at ¥10.74, and during the day (based on 14 day Average True Range), to move between ¥9.52 and ¥11.92, which gives a possible trading interval of +/-¥1.20 (+/-11.17%) up or down from last closing price. If Shenzhen Magic Design & Decoration Engineering Co., Ltd. takes out the full calculated possible swing range there will be an estimated 22.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥11.54 (7.65%) than the support at ¥8.65 (19.31%), 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 Shenzhen Magic Design & Decoration Engineering Co., Ltd. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Shenzhen Magic Design & Decoration stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.097 Buy Candidate Downgraded
Predicted Opening Price for Shenzhen Magic Design & Decoration Engineering Co., Ltd. of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| ¥10.74 ( 0.187%) | ¥10.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002856.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 12.62 | 17.72% |
| R2 | 11.90 | 11.02% |
| R1 | 11.46 | 6.89% |
| Price | 10.72 | |
| S1 | 10.02 | -6.51% |
| S2 | 9.58 | -10.65% |
| S3 | 8.86 | -17.35% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 11.54 | 7.65% |
| Price | 10.72 | |
| S1 | 8.65 | -19.31% |
| S2 | 8.34 | -22.20% |
| S3 | 8.18 | -23.69% |
002856 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 20, 2018 | Jun 20, 2018 | Jun 20, 2018 | ¥0.125 | 0.470% |
FAQ
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