Shenzhen Magic Design & Decoration Stock Forecast
Big movements in Shenzhen Magic Design & Decoration stock price on Wednesday moving 11.45% between high and low
(Updated on Jun 26, 2024)
The Shenzhen Magic Design & Decoration stock price gained 7.10% on the last trading day (Wednesday, 26th Jun 2024), rising from ¥9.16 to ¥9.81. During the last trading day the stock fluctuated 11.45% from a day low at ¥9.17 to a day high of ¥10.22. The price has been going up and down for this period, and there has been a 6.63% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 865 thousand more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately ¥84.71 million.
The stock lies in the middle of a very wide and strong 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 21.66% during the next 3 months and, with a 90% probability hold a price between ¥9.40 and ¥14.30 at the end of this 3-month period.
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002856.SZ Signals & Forecast
Mostly positive signals in the chart today. The Shenzhen Magic Design & Decoration stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ¥9.87. On a fall, the stock will find some support from the long-term average at approximately ¥8.67. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 10.97%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
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 ¥8.18. 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 ¥8.18 and ¥7.99.
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 ¥1.05 between high and low, or 11.45%. For the last week, the stock has had daily average volatility of 14.93%.
Our recommended stop-loss: ¥9.43 (-3.84%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (002856.SZ) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Shenzhen Magic Design & Decoration Engineering Co., Ltd. to open at ¥9.73, and during the day (based on 14 day Average True Range), to move between ¥8.57 and ¥11.05, which gives a possible trading interval of +/-¥1.24 (+/-12.66%) 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 25.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥9.87 (0.61%) than the support at ¥8.65 (11.82%), 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.
Current score: 1.321 Buy Candidate Unchanged
Predicted Opening Price for Shenzhen Magic Design & Decoration Engineering Co., Ltd. of Thursday, June 27, 2024
Fair opening price June 27, 2024 | Current price |
---|---|
¥9.73 ( 0.782%) | ¥9.81 |
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 | 10.78 | 9.92% |
R2 | 10.38 | 5.83% |
R1 | 10.13 | 3.31% |
Price | 9.81 | |
S1 | 9.33 | -4.87% |
S2 | 9.08 | -7.40% |
S3 | 8.68 | -11.48% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 11.54 | 17.64% |
R2 | 10.72 | 9.28% |
R1 | 9.87 | 0.612% |
Price | 9.81 | |
S1 | 8.65 | -11.82% |
S2 | 8.18 | -16.62% |
S3 | 7.99 | -18.55% |
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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