Suzhou Cheersson Precision Metal Forming Stock Forecast
Big movements in Suzhou Cheersson Precision Metal Forming stock price on Thursday moving 11.76% between high and low
(Updated on Jun 27, 2024)
The Suzhou Cheersson Precision Metal Forming stock price fell by -3.98% on the last day (Thursday, 27th Jun 2024) from ¥24.13 to ¥23.17. During the last trading day the stock fluctuated 11.76% from a day low at ¥22.37 to a day high of ¥25.00. The price has risen in 6 of the last 10 days and is up by 3.67% over the past 2 weeks. Volume has increased on the last day by 5 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, 10 million shares were bought and sold for approximately ¥225.08 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Suzhou Cheersson Precision Metal Forming stock with a 90% probability to be traded between ¥20.68 and ¥23.83 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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002976.SZ Signals & Forecast
The Suzhou Cheersson Precision Metal Forming 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 ¥22.74 and ¥22.57. 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 Wednesday, June 26, 2024, and so far it has fallen -3.98%. Further fall is indicated until a new bottom pivot has been found. 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 Suzhou Cheersson Precision Metal Forming stock
Suzhou Cheersson Precision Metal Forming finds support from accumulated volume at ¥22.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ¥2.63 between high and low, or 11.76%. For the last week, the stock has had daily average volatility of 8.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002976.SZ) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Suzhou Cheersson Precision Metal Forming Co., Ltd. to open at ¥23.51, and during the day (based on 14 day Average True Range), to move between ¥21.85 and ¥24.49, which gives a possible trading interval of +/-¥1.32 (+/-5.68%) up or down from last closing price. If Suzhou Cheersson Precision Metal Forming Co., Ltd. takes out the full calculated possible swing range there will be an estimated 11.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥23.30 (0.56%) than the support at ¥22.38 (3.41%), 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 Suzhou Cheersson Precision Metal Forming Co., Ltd. stock A Buy?
Suzhou Cheersson Precision Metal Forming holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.742 Sell Candidate Downgraded
Predicted Opening Price for Suzhou Cheersson Precision Metal Forming Co., Ltd. of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ¥23.51 ( 1.48%) | ¥23.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002976.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.14 | 12.83% |
| R2 | 25.14 | 8.50% |
| R1 | 24.52 | 5.82% |
| Price | 23.17 | |
| S1 | 22.51 | -2.85% |
| S2 | 21.89 | -5.53% |
| S3 | 20.88 | -9.87% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 24.13 | 4.14% |
| R2 | 23.48 | 1.34% |
| R1 | 23.30 | 0.561% |
| Price | 23.17 | |
| S1 | 22.38 | -3.41% |
| S2 | 21.94 | -5.31% |
| S3 | 21.10 | -8.93% |
002976 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 22, 2024 | May 22, 2024 | May 22, 2024 | ¥0.150 | 0.622% |
| 2 | Jun 16, 2021 | Jun 16, 2021 | Jun 16, 2021 | ¥0.0833 | 0.438% |
| 3 | Jun 16, 2020 | Jun 16, 2020 | Jun 16, 2020 | ¥0.417 | 1.42% |
FAQ
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