Concord New Energy Group Limited Stock Forecast

Concord New Energy Group Limited stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 2024)

0182.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has fallen 0%. 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 Concord New Energy Group Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.607 and HK$0.636. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

Support, Risk & Stop-loss for Concord New Energy Group Limited stock

Concord New Energy Group Limited finds support from accumulated volume at HK$0.590 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$0.0100 between high and low, or 1.67%. For the last week, the stock has had daily average volatility of 2.00%.

Our recommended stop-loss: HK$0.564 (-6.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (0182.HK) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Concord New Energy Group Limited to open at HK$0.603, and during the day (based on 14 day Average True Range), to move between HK$0.584 and HK$0.616, which gives a possible trading interval of +/-HK$0.0164 (+/-2.74%) up or down from last closing price. If Concord New Energy Group Limited takes out the full calculated possible swing range there will be an estimated 5.48% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$0.610 (1.67%) than the support at HK$0.590 (1.67%), 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 Concord New Energy Group Limited stock A Buy?

Concord New Energy Group Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.695 Hold/Accumulate Upgraded

Predicted Opening Price for Concord New Energy Group Limited of Wednesday, July 3, 2024

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