Tongda Group Holdings Limited Stock Forecast
Volatile ride for Tongda Group Holdings Limited stock price on Friday moving between HK$0.0730 and HK$0.0810
(Updated on Apr 26, 2024)
The Tongda Group Holdings Limited stock price gained 8.11% on the last trading day (Friday, 26th Apr 2024), rising from HK$0.0740 to HK$0.0800. During the last trading day the stock fluctuated 10.96% from a day low at HK$0.0730 to a day high of HK$0.0810. The price has risen in 4 of the last 10 days and is up by 11.11% 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, 9 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately HK$1.09 million.
The stock lies the upper part of a 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$0.0806 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 -23.75% during the next 3 months and, with a 90% probability hold a price between HK$0.0512 and HK$0.0614 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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0698.HK Signals & Forecast
The Tongda Group Holdings 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$0.0739 and HK$0.0765. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 12.68%. 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). Tongda Group Holdings Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Tongda Group Holdings Limited stock
Tongda Group Holdings Limited finds support from accumulated volume at HK$0.0780 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$0.0080 (10.96%) between high and low. For the last week, the stock has had daily average volatility of 6.12%.
Our recommended stop-loss: HK$0.0770 (-3.80%) (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 (0698.HK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Tongda Group Holdings Limited to open at HK$0.0780, and during the day (based on 14 day Average True Range), to move between HK$0.0759 and HK$0.0841, which gives a possible trading interval of +/-HK$0.0041 (+/-5.18%) up or down from last closing price. If Tongda Group Holdings Limited takes out the full calculated possible swing range there will be an estimated 10.37% 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$0.0780 (2.50%) than the resistance at HK$0.0850 (6.25%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tongda Group Holdings Limited stock A Buy?
Tongda Group Holdings Limited 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Tongda Group Holdings Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| HK$0.0780 ( 2.50%) | HK$0.0800 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0698.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0860 | 7.50 % | |
| R2 | 0.0829 | 3.68 % | ||
| R1 | 0.0811 | 1.32 % | ||
| Current price: | 0.0800 | |||
| Support | S1 | 0.0749 | -6.32 % | |
| S2 | 0.0731 | -8.68 % | ||
| S3 | 0.0700 | -12.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0920 | 15.00 % | |
| R2 | 0.0880 | 10.00 % | ||
| R1 | 0.0850 | 6.25 % | ||
| Current price | 0.0800 | |||
| Support | S1 | 0.0780 | -2.50% | |
| S2 | 0.0750 | -6.25% | ||
| S3 | 0.0740 | -7.50% |
0698 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 28, 2020 | May 28, 2020 | May 28, 2020 | HK$0.0005 | 0.104% |
| 2 | Sep 12, 2019 | Sep 12, 2019 | Sep 12, 2019 | HK$0.0090 | 1.48% |
| 3 | May 30, 2019 | May 30, 2019 | May 30, 2019 | HK$0.0072 | 1.11% |
| 4 | Sep 06, 2018 | Sep 06, 2018 | Sep 06, 2018 | HK$0.0180 | 1.59% |
| 5 | May 31, 2018 | May 31, 2018 | May 31, 2018 | HK$0.0342 | 1.83% |
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