Royal China International Holdings Ltd Stock Forecast
Royal China International Holdings Ltd stock upgraded to Sell Candidate.
(Updated on May 17, 2024)
The Royal China International Holdings Ltd stock price gained 1.39% on the last trading day (Friday, 17th May 2024), rising from HK$0.0720 to HK$0.0730. During the last trading day the stock fluctuated 8.57% from a day low at HK$0.0700 to a day high of HK$0.0760. The price has fallen in 5 of the last 10 days and is down by -6.41% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 756 thousand more shares were traded than the day before. In total, 996 thousand shares were bought and sold for approximately HK$72.71 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$0.0697, a level that may pose a second chance to hit a runner. According to fan-theory HK$0.0969 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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1683.HK Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Royal China International Holdings Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Royal China International Holdings Ltd 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$0.0759 and HK$0.0760. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -8.75%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Royal China International Holdings Ltd stock
Royal China International Holdings Ltd finds support from accumulated volume at HK$0.0700 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.0060 between high and low, or 8.57%. For the last week, the stock has had daily average volatility of 5.55%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1683.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Royal China International Holdings Limited to open at HK$0.0730, and during the day (based on 14 day Average True Range), to move between HK$0.0667 and HK$0.0793, which gives a possible trading interval of +/-HK$0.0063 (+/-8.69%) up or down from last closing price. If Royal China International Holdings Limited takes out the full calculated possible swing range there will be an estimated 17.38% 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$0.0750 (2.74%) than the support at HK$0.0700 (4.11%), 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 Royal China International Holdings Limited stock A Buy?
Royal China International Holdings Ltd 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.032 Sell Candidate Upgraded
Predicted Opening Price for Royal China International Holdings Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$0.0730 ( 0.00000000%) | HK$0.0730 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1683.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0790 | 8.22 % | |
| R2 | 0.0767 | 5.08 % | ||
| R1 | 0.0753 | 3.14 % | ||
| Current price: | 0.0730 | |||
| Support | S1 | 0.0707 | -3.14 % | |
| S2 | 0.0693 | -5.08 % | ||
| S3 | 0.0670 | -8.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0880 | 20.55 % | |
| R2 | 0.0830 | 13.70 % | ||
| R1 | 0.0750 | 2.74 % | ||
| Current price | 0.0730 | |||
| Support | S1 | 0.0700 | -4.11% | |
| S2 | 0.0670 | -8.22% | ||
| S3 | 0.0610 | -16.44% |
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