China Traditional Chinese Medicine Stock Forecast
High volatility in China Traditional Chinese Medicine stock price on Thursday which ended trading at HK$3.60
(Updated on Jun 27, 2024)
The China Traditional Chinese Medicine stock price fell by -2.44% on the last day (Thursday, 27th Jun 2024) from HK$3.69 to HK$3.60. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 10.75% from a day low at HK$3.35 to a day high of HK$3.71. The price has fallen in 9 of the last 10 days and is down by -15.89% for this period. Volume has increased on the last day by 26 million 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, 173 million shares were bought and sold for approximately HK$623.66 million.
The stock has broken the narrow and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (HK$4.16) are considered to be a "second chance" to get out. According to the fan-theory HK$4.06 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
0570.HK Signals & Forecast
There are few to no technical positive signals at the moment. The China Traditional Chinese Medicine 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$4.06 and HK$4.23. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 07, 2024, and so far it has fallen -16.28%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for China Traditional Chinese Medicine stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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$0.360 between high and low, or 10.75%. For the last week, the stock has had daily average volatility of 5.92%.
China Traditional Chinese Medicine is oversold on RSI14 (3). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0570.HK) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect China Traditional Chinese Medicine Holdings Co. Limited to open at HK$3.55, and during the day (based on 14 day Average True Range), to move between HK$3.51 and HK$3.69, which gives a possible trading interval of +/-HK$0.0944 (+/-2.62%) up or down from last closing price. If China Traditional Chinese Medicine Holdings Co. Limited takes out the full calculated possible swing range there will be an estimated 5.25% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ HK$3.69, some HK$0.0900 (2.50%) from the current price of HK$3.60, our system finds the risk reward not very attractive.
Is China Traditional Chinese Medicine Holdings Co. Limited stock A Buy?
China Traditional Chinese Medicine holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -5.004 Strong Sell Candidate Unchanged
Predicted Opening Price for China Traditional Chinese Medicine Holdings Co. Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| HK$3.55 ( 1.30%) | HK$3.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0570.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.91 | 8.70% |
| R2 | 3.78 | 4.88% |
| R1 | 3.69 | 2.52% |
| Price | 3.60 | |
| S1 | 3.42 | -5.12% |
| S2 | 3.33 | -7.48% |
| S3 | 3.19 | -11.30% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.30 | 19.44% |
| R2 | 4.28 | 18.89% |
| R1 | 3.69 | 2.50% |
| Price | 3.60 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
0570 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 02, 2023 | Jun 02, 2023 | Jun 02, 2023 | HK$0.0518 | 1.35% |
| 2 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | HK$0.0736 | 1.59% |
| 3 | Sep 02, 2021 | Sep 02, 2021 | Sep 02, 2021 | HK$0.0666 | 1.84% |
| 4 | Jun 24, 2020 | Jun 24, 2020 | Jun 24, 2020 | HK$0.0476 | 1.28% |
| 5 | Sep 02, 2019 | Sep 02, 2019 | Sep 02, 2019 | HK$0.0572 | 1.48% |
FAQ
Click here for our free guide on how to buy China Traditional Chinese Medicine Holdings Co. Limited Stock.
