Chengdu PUTIAN Telecommunications Cable Stock Forecast
Chengdu PUTIAN Telecommunications Cable stock downgraded to Sell Candidate
(Updated on Jun 25, 2024)
The Chengdu PUTIAN Telecommunications Cable stock price gained 1.49% on the last trading day (Tuesday, 25th Jun 2024), rising from HK$0.670 to HK$0.680. During the last trading day the stock fluctuated 0% from a day low at HK$0.680 to a day high of HK$0.680. The price has been going up and down for this period, and there has been a -1.45% loss for the last 2 weeks. Volume fell on the last day by -12 thousand shares and in total, 2 thousand shares were bought and sold for approximately HK$1.36 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 stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -10.87% during the next 3 months and, with a 90% probability hold a price between HK$0.508 and HK$0.704 at the end of this 3-month period.
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1202.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 1.49%. 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. The Chengdu PUTIAN Telecommunications Cable stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.699 and HK$0.708. A break-up above any of these levels will issue buy signals. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Chengdu PUTIAN Telecommunications Cable stock
Chengdu PUTIAN Telecommunications Cable finds support from accumulated volume at HK$0.670 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered 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 between high and low, or 0%. For the last week the stock has had daily average volatility of 3.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1202.HK) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Chengdu PUTIAN Telecommunications Cable Company Limited to open at HK$0.680, and during the day (based on 14 day Average True Range), to move between HK$0.656 and HK$0.704, which gives a possible trading interval of +/-HK$0.0237 (+/-3.48%) up or down from last closing price. If Chengdu PUTIAN Telecommunications Cable Company Limited takes out the full calculated possible swing range there will be an estimated 6.96% 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$0.690 (1.47%) than the support at HK$0.670 (1.47%), 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 Chengdu PUTIAN Telecommunications Cable Company Limited stock A Buy?
Chengdu PUTIAN Telecommunications Cable holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.882 Sell Candidate Downgraded
Predicted Opening Price for Chengdu PUTIAN Telecommunications Cable Company Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| HK$0.680 ( 0%) | HK$0.680 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1202.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.680 | - |
| R2 | 0.680 | - |
| R1 | 0.680 | - |
| Price | 0.680 | |
| S1 | 0.680 | - |
| S2 | 0.680 | - |
| S3 | 0.680 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.720 | 5.88% |
| R2 | 0.710 | 4.41% |
| R1 | 0.690 | 1.47% |
| Price | 0.680 | |
| S1 | 0.670 | -1.47% |
| S2 | 0.660 | -2.94% |
| S3 | 0.650 | -4.41% |
1202 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 29, 1995 | Oct 12, 1995 | Nov 13, 1995 | HK$0.0200 | 0% |
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