China Qinfa Group Limited Stock Forecast
Evaluation of China Qinfa Group Limited stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The China Qinfa Group Limited stock price gained 3.57% on the last trading day (Tuesday, 2nd Jul 2024), rising from HK$0.84 to HK$0.87. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.35% from a day low at HK$0.85 to a day high of HK$0.87. The price has risen in 7 of the last 10 days and is up by 11.54% 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, 6 million more shares were traded than the day before. In total, 8 million shares were bought and sold for approximately HK$6.73 million.
The stock lies in the upper part of a very wide and 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$0.89 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 38.79% during the next 3 months and, with a 90% probability hold a price between HK$0.91 and HK$1.24 at the end of this 3-month period.
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0866.HK Signals & Forecast
The China Qinfa Group 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$0.81 and HK$0.713. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 52.63%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for China Qinfa Group Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$0.80 and HK$0.690. 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, China Qinfa Group Limited finds support just below today's level at HK$0.80. If this is broken, then the next support from accumulated volume will be at HK$0.690 and HK$0.660.
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$0.0200 between high and low, or 2.35%. For the last week, the stock has had daily average volatility of 8.06%.
Our recommended stop-loss: HK$0.84 (-3.64%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (0866.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect China Qinfa Group Limited to open at HK$0.86, and during the day (based on 14 day Average True Range), to move between HK$0.82 and HK$0.92, which gives a possible trading interval of +/-HK$0.0468 (+/-5.38%) up or down from last closing price. If China Qinfa Group Limited takes out the full calculated possible swing range there will be an estimated 10.77% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$0.80, some HK$0.0700 (8.05%) from the current price of HK$0.87, our system finds the risk reward attractive.
Is China Qinfa Group Limited stock A Buy?
China Qinfa Group 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 Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 China Qinfa Group Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$0.86 ( 0.766%) | HK$0.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0866.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.88 | 1.53% |
| R2 | 0.88 | 0.654% |
| R1 | 0.87 | 0.112% |
| Price | 0.87 | |
| S1 | 0.86 | -1.64% |
| S2 | 0.85 | -2.19% |
| S3 | 0.84 | -3.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.87 | |
| S1 | 0.80 | -8.05% |
| S2 | 0.690 | -20.69% |
| S3 | 0.660 | -24.14% |
0866 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Oct 30, 2013 | Oct 30, 2013 | Oct 30, 2013 | HK$0.0100 | 1.64% |
| 2 | May 31, 2013 | May 31, 2013 | May 31, 2013 | HK$0.0300 | 3.85% |
| 3 | Oct 04, 2012 | Oct 04, 2012 | Oct 04, 2012 | HK$0.0200 | 2.17% |
FAQ
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