Tongcheng-Elong Holdings Limited Stock Forecast
Tongcheng-Elong Holdings Limited stock downgraded to Buy Candidate
(Updated on May 14, 2024)
The Tongcheng-Elong Holdings Limited stock price fell by -0.90% on the last day (Tuesday, 14th May 2024) from HK$22.30 to HK$22.10. During the last trading day the stock fluctuated 4.41% from a day low at HK$21.55 to a day high of HK$22.50. The price has fallen in 6 of the last 10 days but is still up by 7.02% over the past 2 weeks. Volume has increased on the last day by 757 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 11 million shares were bought and sold for approximately HK$241.32 million.
The stock lies in the upper part of a strong rising 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$22.37 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 21.01% during the next 3 months and, with a 90% probability hold a price between HK$25.39 and HK$27.07 at the end of this 3-month period.
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0780.HK Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -0.90%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Tongcheng-Elong 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$21.58 and HK$21.22. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Tongcheng-Elong Holdings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$20.65 and HK$19.60. 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, Tongcheng-Elong Holdings Limited finds support just below today's level at HK$20.65. If this is broken, then the next support from accumulated volume will be at HK$19.60 and HK$19.58.
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$0.95 between high and low, or 4.41%. For the last week, the stock has had daily average volatility of 4.89%.
Our recommended stop-loss: HK$21.37 (-3.32%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (0780.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Tongcheng-Elong Holdings Limited to open at HK$22.05, and during the day (based on 14 day Average True Range), to move between HK$21.21 and HK$22.99, which gives a possible trading interval of +/-HK$0.89 (+/-4.01%) up or down from last closing price. If Tongcheng-Elong Holdings Limited takes out the full calculated possible swing range there will be an estimated 8.03% 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$22.20 (0.45%) than the support at HK$20.65 (6.56%), 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.
Earnings coming up
Tongcheng-Elong Holdings Limited will release earnings BMO on Tuesday, May 21, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.304. We will update the financials statements for Tongcheng-Elong Holdings Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.85% in the first trading day after earnings release.
Is Tongcheng-Elong Holdings Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tongcheng-Elong Holdings Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.310 Buy Candidate Downgraded
Predicted Opening Price for Tongcheng-Elong Holdings Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| HK$22.05 ( 0.226%) | HK$22.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0780.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 23.00 | 4.07 % | |
| R2 | 22.64 | 2.43 % | ||
| R1 | 22.41 | 1.42 % | ||
| Current price: | 22.10 | |||
| Support | S1 | 21.69 | -1.87 % | |
| S2 | 21.46 | -2.88 % | ||
| S3 | 21.10 | -4.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.30 | 0.90 % | |
| R2 | 22.25 | 0.679 % | ||
| R1 | 22.20 | 0.452 % | ||
| Current price | 22.10 | |||
| Support | S1 | 20.65 | -6.56% | |
| S2 | 19.60 | -11.31% | ||
| S3 | 19.58 | -11.40% |
0780 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2024 | Jun 28, 2024 | Jul 19, 2024 | HK$0.150 | 0.676% |
FAQ
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