Tongda Group Holdings Limited Stock Forecast

Tongda Group Holdings Limited stock price ended at HK$0.0810 on Wednesday, after losing 2.41%.
(Updated on May 08, 2024)

0698.HK Signals & Forecast

The Tongda Group Holdings Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$0.0819. On a fall, the stock will find some support from the long-term average at approximately HK$0.0760. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 14.08%. 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. Tongda Group Holdings 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".

Support, Risk & Stop-loss for Tongda Group Holdings Limited stock

Tongda Group Holdings Limited finds support from accumulated volume at HK$0.0800 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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$0.0040 between high and low, or 4.94%. For the last week, the stock has had daily average volatility of 4.48%.

Our recommended stop-loss: HK$0.0782 (-3.47%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (0698.HK) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Tongda Group Holdings Limited to open at HK$0.0823, and during the day (based on 14 day Average True Range), to move between HK$0.0769 and HK$0.0851, which gives a possible trading interval of +/-HK$0.0041 (+/-5.12%) 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 10.24% 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$0.0800 (1.23%) than the resistance at HK$0.0860 (6.17%), 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: -0.932 Hold/Accumulate Unchanged

Predicted Opening Price for Tongda Group Holdings Limited of Thursday, May 9, 2024

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