Ruicheng China Media Group Ltd Stock Forecast

Is Ruicheng China Media Group Ltd stock still a buy after falling -5.97% on Friday?
(Updated on May 17, 2024)

1640.HK Signals & Forecast

The Ruicheng China Media Group Ltd 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$0.670. On a fall, the stock will find some support from the long-term average at approximately HK$0.594. 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 13, 2024, and so far it has fallen -10.00%. 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. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Ruicheng China Media Group Ltd stock

Ruicheng China Media Group Ltd finds support from accumulated volume at HK$0.620 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved HK$0.0100 between high and low, or 1.59%. For the last week the stock has had daily average volatility of 3.51%.

Our recommended stop-loss: HK$0.592 (-6.00%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (1640.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Ruicheng China Media Group Ltd to open at HK$0.633, and during the day (based on 14 day Average True Range), to move between HK$0.582 and HK$0.678, which gives a possible trading interval of +/-HK$0.0480 (+/-7.63%) up or down from last closing price. If Ruicheng China Media Group Ltd takes out the full calculated possible swing range there will be an estimated 15.25% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$0.620 (1.59%) than the resistance at HK$0.660 (4.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Ruicheng China Media Group Ltd 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 Ruicheng China Media Group Ltd stock to perform well in the short-term.

Current score: 2.854 Buy Candidate Unchanged

Predicted Opening Price for Ruicheng China Media Group Ltd of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.