Lee & Man Chemical Company Limited Stock Forecast
Lee & Man Chemical Company Limited stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on Jun 17, 2024)
The Lee & Man Chemical Company Limited stock price fell by -1.53% on the last day (Monday, 17th Jun 2024) from HK$3.91 to HK$3.85. During the last trading day the stock fluctuated 1.56% from a day low at HK$3.85 to a day high of HK$3.91. The price has fallen in 5 of the last 10 days and is down by -2.28% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -30 thousand shares and in total, 116 thousand shares were bought and sold for approximately HK$446.60 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$3.77 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 27.41% during the next 3 months and, with a 90% probability hold a price between HK$4.80 and HK$5.67 at the end of this 3-month period.
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0746.HK Signals & Forecast
The Lee & Man Chemical Company 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$3.91. On a fall, the stock will find some support from the long-term average at approximately HK$3.80. 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. 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 20, 2024, and so far it has fallen -7.00%. 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 fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Lee & Man Chemical Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$3.35 and HK$3.27. 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, Lee & Man Chemical Company Limited finds support just below today's level at HK$3.35. If this is broken, then the next support from accumulated volume will be at HK$3.27 and HK$3.14.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved HK$0.0600 between high and low, or 1.56%. For the last week the stock has had daily average volatility of 0.773%
Our recommended stop-loss: HK$3.61 (-6.28%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (0746.HK) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Lee & Man Chemical Company Limited to open at HK$3.87, and during the day (based on 14 day Average True Range), to move between HK$3.78 and HK$3.92, which gives a possible trading interval of +/-HK$0.0716 (+/-1.86%) up or down from last closing price. If Lee & Man Chemical Company Limited takes out the full calculated possible swing range there will be an estimated 3.72% 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$3.90 (1.30%) than the support at HK$3.35 (12.99%), 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 Lee & Man Chemical Company Limited stock A Buy?
Lee & Man Chemical Company 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. 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: 0.789 Hold/Accumulate Downgraded
Predicted Opening Price for Lee & Man Chemical Company Limited of Tuesday, June 18, 2024
Fair opening price June 18, 2024 | Current price |
---|---|
HK$3.87 ( 0.519%) | HK$3.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0746.HK
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 3.93 | 2.08% |
R2 | 3.91 | 1.48% |
R1 | 3.89 | 1.11% |
Price | 3.85 | |
S1 | 3.85 | -0.0758% |
S2 | 3.83 | -0.444% |
S3 | 3.81 | -1.04% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 3.93 | 2.08% |
R2 | 3.91 | 1.56% |
R1 | 3.90 | 1.30% |
Price | 3.85 | |
S1 | 3.35 | -12.99% |
S2 | 3.27 | -15.06% |
S3 | 3.14 | -18.44% |
0746 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 13, 2024 | May 13, 2024 | Jun 05, 2024 | HK$0.140 | 3.66% |
2 | Aug 11, 2023 | Aug 11, 2023 | Sep 05, 2023 | HK$0.0500 | 1.55% |
3 | May 11, 2023 | May 11, 2023 | May 11, 2023 | HK$0.170 | 3.41% |
4 | Aug 19, 2022 | Aug 19, 2022 | Aug 19, 2022 | HK$0.380 | 5.42% |
5 | May 16, 2022 | May 16, 2022 | May 16, 2022 | HK$0.320 | 4.99% |
FAQ
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