First Tractor Company Limited Stock Forecast
First Tractor Company Limited stock price ended at HK$8.22 on Thursday, after gaining 0.122%.
(Updated on Jun 20, 2024)
The First Tractor Company Limited stock price gained 0.122% on the last trading day (Thursday, 20th Jun 2024), rising from HK$8.21 to HK$8.22. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.56% from a day low at HK$8.19 to a day high of HK$8.40. The price has risen in 6 of the last 10 days and is up by 1.48% over the past 2 weeks. Volume fell on the last day by -224 thousand shares and in total, 772 thousand shares were bought and sold for approximately HK$6.35 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$8.22 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 30.44% during the next 3 months and, with a 90% probability hold a price between HK$10.72 and HK$13.45 at the end of this 3-month period.
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0038.HK Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Tractor Company Limited 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 HK$8.54. On a fall, the stock will find some support from the short-term average at HK$8.13. 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. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -11.14%. 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).
Support, Risk & Stop-loss for First Tractor Company Limited stock
First Tractor Company Limited finds support from accumulated volume at HK$8.16 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 HK$0.210 between high and low, or 2.56%. For the last week, the stock has had daily average volatility of 2.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0038.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect First Tractor Company Limited to open at HK$8.27, and during the day (based on 14 day Average True Range), to move between HK$7.88 and HK$8.56, which gives a possible trading interval of +/-HK$0.342 (+/-4.16%) up or down from last closing price. If First Tractor Company Limited takes out the full calculated possible swing range there will be an estimated 8.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$8.16 (0.73%) than the resistance at HK$9.09 (10.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is First Tractor Company Limited stock A Buy?
The First Tractor Company Limited stock holds several negative signals and despite the positive trend, we believe First Tractor Company Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.406 Sell Candidate Unchanged
Predicted Opening Price for First Tractor Company Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$8.27 ( 0.608%) | HK$8.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0038.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.48 | 3.16% |
| R2 | 8.40 | 2.19% |
| R1 | 8.35 | 1.58% |
| Price | 8.22 | |
| S1 | 8.19 | -0.368% |
| S2 | 8.14 | -0.97% |
| S3 | 8.06 | -1.95% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.19 | 11.80% |
| R2 | 9.12 | 10.95% |
| R1 | 9.09 | 10.58% |
| Price | 8.22 | |
| S1 | 8.16 | -0.730% |
| S2 | 8.10 | -1.46% |
| S3 | 7.58 | -7.79% |
0038 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 04, 2024 | Jun 04, 2024 | Jun 04, 2024 | HK$0.319 | 3.76% |
| 2 | May 31, 2024 | May 31, 2024 | Jul 31, 2024 | HK$0.345 | 4.22% |
| 3 | Jun 08, 2023 | Jun 08, 2023 | Jun 08, 2023 | HK$0.258 | 7.21% |
| 4 | May 17, 2022 | May 17, 2022 | May 17, 2022 | HK$0.144 | 3.93% |
| 5 | Jun 15, 2021 | Jun 15, 2021 | Jun 15, 2021 | HK$0.0893 | 1.88% |
FAQ
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