China Fortune Financial Group Limited Stock Forecast
High volatility in China Fortune Financial Group Limited stock price on Thursday which ended trading at HK$0.97
(Updated on Jun 20, 2024)
The China Fortune Financial Group Limited stock price gained 2.11% on the last trading day (Thursday, 20th Jun 2024), rising from HK$0.95 to HK$0.97. It has now gained 5 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 24.42% from a day low at HK$0.86 to a day high of HK$1.07. The price has risen in 8 of the last 10 days and is up by 40.58% over the past 2 weeks. Volume fell on the last day by -7 million shares and in total, 10 million shares were bought and sold for approximately HK$9.94 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 has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at HK$0.88, a level that may pose a second chance to hit a runner. According to fan-theory HK$1.07 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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0290.HK Signals & Forecast
Mostly positive signals in the chart today. The China Fortune Financial Group Limited 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 HK$0.86 and HK$0.659. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 40.58%. 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 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.
Support, Risk & Stop-loss for China Fortune Financial Group Limited stock
China Fortune Financial Group Limited finds support from accumulated volume at HK$0.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 HK$0.210 between high and low, or 24.42%. For the last week, the stock has had daily average volatility of 12.08%.
The China Fortune Financial Group Limited stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: HK$0.94 (-2.80%) (This stock has high daily movements and this gives high risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (0290.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect China Fortune Financial Group Limited to open at HK$0.97, and during the day (based on 14 day Average True Range), to move between HK$0.90 and HK$1.04, which gives a possible trading interval of +/-HK$0.0681 (+/-7.02%) up or down from last closing price. If China Fortune Financial Group Limited takes out the full calculated possible swing range there will be an estimated 14.04% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$0.95, some HK$0.0200 (2.06%) from the current price of HK$0.97, our system finds the risk reward attractive.
Earnings coming up
China Fortune Financial Group Limited will release earnings BMO on Friday, June 28, 2024. We will update the financials statements for China Fortune Financial Group Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 17.35% in the first trading day after earnings release.
Is China Fortune Financial Group Limited stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for China Fortune Financial Group Limited stock to perform well in the short-term period.
Current score: 7.813 Strong Buy Candidate Unchanged
Predicted Opening Price for China Fortune Financial Group Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$0.97 ( 0.344%) | HK$0.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0290.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.18 | 21.31% |
| R2 | 1.10 | 13.04% |
| R1 | 1.05 | 7.93% |
| Price | 0.97 | |
| S1 | 0.89 | -8.61% |
| S2 | 0.84 | -13.72% |
| S3 | 0.757 | -21.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.97 | |
| S1 | 0.95 | -2.06% |
| S2 | 0.780 | -19.59% |
| S3 | 0.750 | -22.68% |
FAQ
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