Tungtex (Holdings) Company Limited Stock Forecast
Evaluation of Tungtex (Holdings) Company Limited stock downgraded after the last trading session.
(Updated on Jun 26, 2024)
The Tungtex (Holdings) Company Limited stock price fell by -3.33% on the last day (Wednesday, 26th Jun 2024) from HK$0.240 to HK$0.232. During the last trading day the stock fluctuated 3.45% from a day low at HK$0.232 to a day high of HK$0.240. The price has fallen in 5 of the last 10 days and is down by -2.11% for this period. Volume has increased on the last day by 48 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 150 thousand shares were bought and sold for approximately HK$34.80 thousand.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.40% during the next 3 months and, with a 90% probability hold a price between HK$0.229 and HK$0.256 at the end of this 3-month period.
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0518.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 0.433%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Tungtex (Holdings) Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at HK$0.238 and HK$0.238. A break-up above any of these levels will issue buy signals. Tungtex (Holdings) Company Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Tungtex (Holdings) Company Limited stock
Tungtex (Holdings) Company Limited finds support from accumulated volume at HK$0.231 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.0080 between high and low, or 3.45%. For the last week the stock has had daily average volatility of 1.89%.
Our recommended stop-loss: HK$0.220 (-4.97%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (0518.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Tungtex (Holdings) Company Limited to open at HK$0.235, and during the day (based on 14 day Average True Range), to move between HK$0.227 and HK$0.237, which gives a possible trading interval of +/-HK$0.0050 (+/-2.15%) up or down from last closing price. If Tungtex (Holdings) Company Limited takes out the full calculated possible swing range there will be an estimated 4.30% 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$0.231 (0.43%) than the resistance at HK$0.234 (0.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tungtex (Holdings) Company Limited stock A Buy?
Tungtex (Holdings) Company 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.206 Hold/Accumulate Downgraded
Predicted Opening Price for Tungtex (Holdings) Company Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$0.235 ( 1.15%) | HK$0.232 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0518.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.243 | 4.60% |
| R2 | 0.240 | 3.28% |
| R1 | 0.238 | 2.47% |
| Price | 0.232 | |
| S1 | 0.232 | -0.168% |
| S2 | 0.230 | -0.98% |
| S3 | 0.227 | -2.30% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.240 | 3.45% |
| R2 | 0.236 | 1.72% |
| R1 | 0.234 | 0.86% |
| Price | 0.232 | |
| S1 | 0.231 | -0.431% |
| S2 | 0.230 | -0.86% |
| S3 | 0.225 | -3.02% |
0518 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 04, 2023 | Sep 04, 2023 | Sep 18, 2023 | HK$0.0050 | 1.82% |
| 2 | Aug 31, 2022 | Aug 31, 2022 | Sep 16, 2022 | HK$0.0050 | 2.08% |
| 3 | Aug 30, 2021 | Aug 30, 2021 | Aug 30, 2021 | HK$0.0150 | 3.85% |
| 4 | Dec 10, 2020 | Dec 10, 2020 | Dec 10, 2020 | HK$0.222 | 49.82% |
| 5 | Nov 26, 2020 | Nov 26, 2020 | Nov 26, 2020 | HK$0.0175 | 2.57% |
FAQ
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