China High Speed Transmission Equipment Stock Forecast
Evaluation of China High Speed Transmission Equipment stock downgraded after the last trading session.
(Updated on May 17, 2024)
The China High Speed Transmission Equipment stock price gained 1.94% on the last trading day (Friday, 17th May 2024), rising from HK$1.03 to HK$1.05. During the last trading day the stock fluctuated 7.00% from a day low at HK$1.00 to a day high of HK$1.07. The price has risen in 5 of the last 10 days and is up by 25% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 58 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately HK$3.05 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$1.05 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -33.74% during the next 3 months and, with a 90% probability hold a price between HK$0.324 and HK$0.698 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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0658.HK Signals & Forecast
The China High Speed Transmission Equipment 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$1.00 and HK$0.83. 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 is rising along with the price. This is considered to be a good technical signal. 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 13, 2024, and so far it has fallen -2.78%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for China High Speed Transmission Equipment stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$0.98 and HK$0.84. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, China High Speed Transmission Equipment finds support just below today's level at HK$0.98. If this is broken, then the next support from accumulated volume will be at HK$0.84 and HK$0.80.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0700 between high and low, or 7.00%. For the last week, the stock has had daily average volatility of 8.36%.
The China High Speed Transmission Equipment stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: HK$1.01 (-4.22%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (0658.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect China High Speed Transmission Equipment Group Co., Ltd. to open at HK$1.04, and during the day (based on 14 day Average True Range), to move between HK$0.98 and HK$1.12, which gives a possible trading interval of +/-HK$0.0655 (+/-6.23%) up or down from last closing price. If China High Speed Transmission Equipment Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 12.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$1.07 (1.90%) than the support at HK$0.98 (6.67%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is China High Speed Transmission Equipment Group Co., Ltd. stock A Buy?
China High Speed Transmission Equipment holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.065 Hold/Accumulate Downgraded
Predicted Opening Price for China High Speed Transmission Equipment Group Co., Ltd. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$1.04 ( 0.95%) | HK$1.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0658.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.11 | 5.71 % | |
| R2 | 1.08 | 3.17 % | ||
| R1 | 1.07 | 1.59 % | ||
| Current price: | 1.05 | |||
| Support | S1 | 1.01 | -3.50 % | |
| S2 | 1.00 | -5.07 % | ||
| S3 | 0.97 | -7.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.16 | 10.48 % | |
| R2 | 1.08 | 2.86 % | ||
| R1 | 1.07 | 1.90 % | ||
| Current price | 1.05 | |||
| Support | S1 | 0.98 | -6.67% | |
| S2 | 0.84 | -20.00% | ||
| S3 | 0.80 | -23.81% |
0658 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 26, 2020 | May 26, 2020 | May 26, 2020 | HK$0.200 | 4.52% |
| 2 | May 28, 2019 | May 28, 2019 | May 28, 2019 | HK$0.0800 | 1.44% |
| 3 | May 23, 2018 | May 23, 2018 | May 23, 2018 | HK$0.180 | 1.52% |
| 4 | May 23, 2017 | May 23, 2017 | May 23, 2017 | HK$0.230 | 2.87% |
| 5 | Jun 21, 2016 | Jun 21, 2016 | Jun 21, 2016 | HK$0.230 | 4.06% |
FAQ
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