Putian Communication Group Limited Stock Forecast
Big movements in Putian Communication Group Limited stock price on Friday moving 11.11% between high and low
(Updated on May 17, 2024)
The Putian Communication Group Limited stock price fell by -10.00% on the last day (Friday, 17th May 2024) from HK$0.0600 to HK$0.0540. During the last trading day the stock fluctuated 11.11% from a day low at HK$0.0540 to a day high of HK$0.0600. The price has been going up and down for this period, and there has been a -11.48% loss for the last 2 weeks. Volume has increased on the last day by 348 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately HK$61.13 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Putian Communication Group Limited stock with a 90% probability to be traded between HK$0.0509 and HK$0.0659 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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1720.HK Signals & Forecast
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 Putian Communication Group 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$0.0569 and HK$0.0579. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 10, 2024, and so far it has fallen -11.48%. Further fall is indicated until a new bottom pivot has been found. Putian Communication Group Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Putian Communication Group Limited stock
Putian Communication Group Limited finds support from accumulated volume at HK$0.0530 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 11.11%. For the last week, the stock has had daily average volatility of 12.95%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1720.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Putian Communication Group Limited to open at HK$0.0560, and during the day (based on 14 day Average True Range), to move between HK$0.0486 and HK$0.0594, which gives a possible trading interval of +/-HK$0.0054 (+/-10.00%) up or down from last closing price. If Putian Communication Group Limited takes out the full calculated possible swing range there will be an estimated 20.00% 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$0.0530 (1.85%) than the resistance at HK$0.0580 (7.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Putian Communication Group Limited stock A Buy?
Putian Communication Group Limited 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.
Current score: -2.418 Sell Candidate Unchanged
Predicted Opening Price for Putian Communication Group Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$0.0560 ( 3.70%) | HK$0.0540 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1720.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0620 | 14.81 % | |
| R2 | 0.0597 | 10.57 % | ||
| R1 | 0.0583 | 7.95 % | ||
| Current price: | 0.0540 | |||
| Support | S1 | 0.0537 | -0.541 % | |
| S2 | 0.0523 | -3.16 % | ||
| S3 | 0.0500 | -7.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0610 | 12.96 % | |
| R2 | 0.0590 | 9.26 % | ||
| R1 | 0.0580 | 7.41 % | ||
| Current price | 0.0540 | |||
| Support | S1 | 0.0530 | -1.85% | |
| S2 | 0.0520 | -3.70% | ||
| S3 | 0.0510 | -5.56% |
FAQ
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