Shun Wo Group Holdings Limited Stock Forecast
Red day on Thursday for Shun Wo Group Holdings Limited
(Updated on Jun 20, 2024)
No changes to the price of Shun Wo Group Holdings Limited stock on the last trading day (Thursday, 20th Jun 2024). During the last trading day the stock fluctuated 9.52% from a day low at HK$0.0210 to a day high of HK$0.0230. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Shun Wo Group Holdings Limited stock with a 90% probability to be traded between HK$0.0207 and HK$0.0237 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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1591.HK Signals & Forecast
There are mixed signals in the stock today. The Shun Wo Group Holdings Limited 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$0.0230 and HK$0.0231. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 4.55%. 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).
A sell signal from a double top formation was found on Wednesday, May 22, 2024 and based on theory for this formation the price should fall by -6.09% to HK$0.0216 within 20 trading days since signal was issued (Thursday, June 20, 2024).
Support, Risk & Stop-loss for Shun Wo Group Holdings Limited stock
Shun Wo Group Holdings Limited finds support from accumulated volume at HK$0.0220 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 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$0.0020 between high and low, or 9.52%. For the last week the stock has had daily average volatility of 3.72%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1591.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Shun Wo Group Holdings Limited to open at HK$0.0223, and during the day (based on 14 day Average True Range), to move between HK$0.0221 and HK$0.0239, which gives a possible trading interval of +/-HK$0.0009 (+/-3.98%) up or down from last closing price. If Shun Wo Group Holdings Limited takes out the full calculated possible swing range there will be an estimated 7.97% 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$0.0240 (4.35%) than the support at HK$0.0220 (4.35%), 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 Shun Wo Group Holdings Limited stock A Buy?
Shun Wo Group Holdings Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.500 Sell Candidate Unchanged
Predicted Opening Price for Shun Wo Group Holdings Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$0.0223 ( 2.90%) | HK$0.0230 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1591.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0243 | 5.80% |
| R2 | 0.0236 | 2.48% |
| R1 | 0.0231 | 0.423% |
| Price | 0.0230 | |
| S1 | 0.0216 | -6.22% |
| S2 | 0.0211 | -8.27% |
| S3 | 0.0203 | -11.59% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.0240 | 4.35% |
| Price | 0.0230 | |
| S1 | 0.0220 | -4.35% |
| S2 | 0.0210 | -8.70% |
| S3 | 0 | - |
FAQ
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