China Chengtong Development Group Ltd Stock Forecast
China Chengtong Development Group Ltd stock upgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The China Chengtong Development Group Ltd stock price gained 2.44% on the last trading day (Friday, 10th May 2024), rising from HK$0.0820 to HK$0.0840. During the last trading day the stock fluctuated 6.25% from a day low at HK$0.0800 to a day high of HK$0.0850. The price has risen in 5 of the last 10 days and is up by 3.7% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 136 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately HK$100.80 thousand.
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 China Chengtong Development Group Ltd stock with a 90% probability to be traded between HK$0.0709 and HK$0.0863 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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0217.HK Signals & Forecast
The China Chengtong Development Group Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$0.0833 and HK$0.0836. 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). China Chengtong Development Group Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, April 15, 2024, and so far it has fallen -4.55%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for China Chengtong Development Group Ltd stock
China Chengtong Development Group Ltd finds support from accumulated volume at HK$0.0830 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$0.0050 between high and low, or 6.25%. For the last week, the stock has had daily average volatility of 7.81%.
Our recommended stop-loss: HK$0.0806 (-4.04%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (0217.HK) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect China Chengtong Development Group Limited to open at HK$0.0830, and during the day (based on 14 day Average True Range), to move between HK$0.0779 and HK$0.0901, which gives a possible trading interval of +/-HK$0.0061 (+/-7.27%) up or down from last closing price. If China Chengtong Development Group Limited takes out the full calculated possible swing range there will be an estimated 14.54% 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$0.0850 (1.19%) than the support at HK$0.0830 (1.19%), 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 China Chengtong Development Group Limited stock A Buy?
China Chengtong Development Group Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.115 Hold/Accumulate Upgraded
Predicted Opening Price for China Chengtong Development Group Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| HK$0.0830 ( 1.19%) | HK$0.0840 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0217.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0880 | 4.76 % | |
| R2 | 0.0861 | 2.49 % | ||
| R1 | 0.0849 | 1.08 % | ||
| Current price: | 0.0840 | |||
| Support | S1 | 0.0811 | -3.46 % | |
| S2 | 0.0799 | -4.87 % | ||
| S3 | 0.0780 | -7.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0890 | 5.95 % | |
| R2 | 0.0870 | 3.57 % | ||
| R1 | 0.0850 | 1.19 % | ||
| Current price | 0.0840 | |||
| Support | S1 | 0.0830 | -1.19% | |
| S2 | 0.0810 | -3.57% | ||
| S3 | 0.0740 | -11.90% |
0217 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 03, 2024 | Jul 03, 2024 | Jul 19, 2024 | HK$0.0034 | 4.05% |
| 2 | Jul 05, 2023 | Jul 05, 2023 | Jul 05, 2023 | HK$0.0039 | 3.82% |
| 3 | Jul 06, 2022 | Jul 06, 2022 | Jul 06, 2022 | HK$0.0054 | 3.40% |
| 4 | Jul 05, 2021 | Jul 05, 2021 | Jul 05, 2021 | HK$0.0090 | 4.97% |
| 5 | May 17, 2011 | May 17, 2011 | May 17, 2011 | HK$0.0070 | 1.40% |
FAQ
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