Tongda Group Holdings Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Tongda Group Holdings Limited stock price up 2.47% on Thursday
(Updated on May 09, 2024)
The Tongda Group Holdings Limited stock price gained 2.47% on the last trading day (Thursday, 9th May 2024), rising from HK$0.0810 to HK$0.0830. During the last trading day the stock fluctuated 3.70% from a day low at HK$0.0810 to a day high of HK$0.0840. The price has risen in 5 of the last 10 days and is up by 13.7% over the past 2 weeks. Volume fell on the last day by -4 million shares and in total, 5 million shares were bought and sold for approximately HK$433.26 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$0.0830, a level that may pose a second chance to hit a runner. According to fan-theory HK$0.101 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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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. 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$0.0823 and HK$0.0761. 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). 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 06, 2024, and so far it has fallen -1.19%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved HK$0.0030 between high and low, or 3.70%. For the last week the stock has had daily average volatility of 3.94%.
Our recommended stop-loss: HK$0.0801 (-3.44%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (0698.HK) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Tongda Group Holdings Limited to open at HK$0.0827, and during the day (based on 14 day Average True Range), to move between HK$0.0789 and HK$0.0871, which gives a possible trading interval of +/-HK$0.0041 (+/-4.90%) 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 9.80% 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$0.0860 (3.61%) than the support at HK$0.0800 (3.61%), 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 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: 0.540 Hold/Accumulate Unchanged
Predicted Opening Price for Tongda Group Holdings Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| HK$0.0827 ( 0.402%) | HK$0.0830 |
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 | 0.0857 | 3.21 % | |
| R2 | 0.0845 | 1.83 % | ||
| R1 | 0.0838 | 0.98 % | ||
| Current price: | 0.0830 | |||
| Support | S1 | 0.0815 | -1.78 % | |
| S2 | 0.0808 | -2.64 % | ||
| S3 | 0.0797 | -4.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0980 | 18.07 % | |
| R2 | 0.0920 | 10.84 % | ||
| R1 | 0.0860 | 3.61 % | ||
| Current price | 0.0830 | |||
| Support | S1 | 0.0800 | -3.61% | |
| S2 | 0.0780 | -6.02% | ||
| S3 | 0.0740 | -10.84% |
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% |
FAQ
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