Tungtex (Holdings) Company Limited Stock Forecast

Tungtex (Holdings) Company Limited stock price down 0% on Friday
(Updated on Jun 28, 2024)

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. 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". The very low volume increases the risk and reduces the other technical signals issued. 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. 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$0.235 and HK$0.238. 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).

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$0.0010 between high and low, or 0.433%. For the last week the stock has had daily average volatility of 1.63%.

Our recommended stop-loss: HK$0.218 (-5.96%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (0518.HK) For The Upcoming Trading Day Of Tuesday 2nd

For the upcoming trading day on Tuesday, 2nd we expect Tungtex (Holdings) Company Limited to open at HK$0.232, and during the day (based on 14 day Average True Range), to move between HK$0.228 and HK$0.236, which gives a possible trading interval of +/-HK$0.0044 (+/-1.88%) 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 3.77% 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.

Current score: -0.914 Hold/Accumulate Unchanged

Predicted Opening Price for Tungtex (Holdings) Company Limited of Tuesday, July 2, 2024

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