Shing Chi Holdings Limited Stock Forecast
High volatility in Shing Chi Holdings Limited stock price on Wednesday which ended trading at HK$0.0540
(Updated on Jun 26, 2024)
The Shing Chi Holdings Limited stock price fell by -3.57% on the last day (Wednesday, 26th Jun 2024) from HK$0.0560 to HK$0.0540. During the last trading day the stock fluctuated 18.00% from a day low at HK$0.0500 to a day high of HK$0.0590. The price has fallen in 7 of the last 10 days and is down by -20.59% for this period. Volume has increased on the last day by 1 million 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$67.39 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$0.0594 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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1741.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 Shing Chi 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$0.0586 and HK$0.106. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -52.21%. Further fall is indicated until a new bottom pivot has been found. Shing Chi Holdings 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 Shing Chi Holdings Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0090 between high and low, or 18.00%. For the last week, the stock has had daily average volatility of 10.58%.
Shing Chi Holdings Limited is oversold on RSI14 (5). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1741.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Shing Chi Holdings Limited to open at HK$0.0543, and during the day (based on 14 day Average True Range), to move between HK$0.0418 and HK$0.0662, which gives a possible trading interval of +/-HK$0.0122 (+/-22.62%) up or down from last closing price. If Shing Chi Holdings Limited takes out the full calculated possible swing range there will be an estimated 45.23% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ HK$0.0600, some HK$0.0060 (11.11%) from the current price of HK$0.0540, our system finds the risk reward not very attractive.
Is Shing Chi Holdings Limited stock A Buy?
Shing Chi Holdings 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.844 Strong Sell Candidate Downgraded
Predicted Opening Price for Shing Chi Holdings Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$0.0543 ( 0.617%) | HK$0.0540 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1741.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0633 | 17.28% |
| R2 | 0.0599 | 10.92% |
| R1 | 0.0578 | 6.98% |
| Price | 0.0540 | |
| S1 | 0.0509 | -5.75% |
| S2 | 0.0488 | -9.68% |
| S3 | 0.0453 | -16.05% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0660 | 22.22% |
| R2 | 0.0620 | 14.81% |
| R1 | 0.0600 | 11.11% |
| Price | 0.0540 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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