Tongguan Gold Group Limited Stock Forecast

Tongguan Gold Group Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)

0340.HK Signals & Forecast

The Tongguan Gold Group Limited 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$0.526 and HK$0.533. 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). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". 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, May 27, 2024, and so far it has fallen -10.00%. Further fall is indicated until a new bottom pivot has been found.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Monday, May 27, 2024 and based on theory for this formation the price should fall by -29.29% to HK$0.382 within 33 trading days since signal was issued (Monday, July 15, 2024).

Support, Risk & Stop-loss for Tongguan Gold Group Limited stock

Tongguan Gold Group Limited finds support from accumulated volume at HK$0.530 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.0100 (1.85%) between high and low. For the last week, the stock has had daily average volatility of 3.12%.

Our recommended stop-loss: HK$0.509 (-5.80%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 56 days ago.)

Trading Expectations (0340.HK) For The Upcoming Trading Day Of Tuesday 2nd

For the upcoming trading day on Tuesday, 2nd we expect Tongguan Gold Group Limited to open at HK$0.543, and during the day (based on 14 day Average True Range), to move between HK$0.519 and HK$0.561, which gives a possible trading interval of +/-HK$0.0212 (+/-3.93%) up or down from last closing price. If Tongguan Gold Group Limited takes out the full calculated possible swing range there will be an estimated 7.87% 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$0.530 (1.85%) than the resistance at HK$0.570 (5.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Tongguan Gold Group Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tongguan Gold Group Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.360 Buy Candidate Upgraded

Predicted Opening Price for Tongguan Gold Group Limited of Tuesday, July 2, 2024

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