Contel Technology Co Ltd Stock Forecast
High volatility in Contel Technology Co Ltd stock price on Thursday which ended trading at HK$0.0990
(Updated on Jun 20, 2024)
The Contel Technology Co Ltd stock price gained 2.06% on the last trading day (Thursday, 20th Jun 2024), rising from HK$0.0970 to HK$0.0990. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 12.90% from a day low at HK$0.0930 to a day high of HK$0.105. The price has risen in 6 of the last 10 days but is still down by -5.71% for this period. Volume fell on the last day by -6 million shares and in total, 9 million shares were bought and sold for approximately HK$860.31 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 55.66% during the next 3 months and, with a 90% probability hold a price between HK$0.0827 and HK$0.174 at the end of this 3-month period.
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1912.HK Signals & Forecast
The Contel Technology Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at HK$0.0866 and HK$0.0581. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -5.71%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Contel Technology Co Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$0.0880 and HK$0.0850. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Contel Technology Co Ltd finds support just below today's level at HK$0.0880. If this is broken, then the next support from accumulated volume will be at HK$0.0850 and HK$0.0810.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0120 between high and low, or 12.90%. For the last week the stock has had daily average volatility of 15.43%.
Our recommended stop-loss: HK$0.0950 (-4.07%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (1912.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Contel Technology Co Ltd to open at HK$0.0990, and during the day (based on 14 day Average True Range), to move between HK$0.0861 and HK$0.112, which gives a possible trading interval of +/-HK$0.0129 (+/-13.00%) up or down from last closing price. If Contel Technology Co Ltd takes out the full calculated possible swing range there will be an estimated 26.00% 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$0.105 (6.06%) than the support at HK$0.0880 (11.11%), 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 Contel Technology Co Ltd stock A Buy?
Contel Technology Co Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.172 Strong Buy Candidate Unchanged
Predicted Opening Price for Contel Technology Co Ltd of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$0.0990 ( 0.00000000%) | HK$0.0990 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1912.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.111 | 12.12% |
| R2 | 0.106 | 7.49% |
| R1 | 0.104 | 4.63% |
| Price | 0.0990 | |
| S1 | 0.0944 | -4.63% |
| S2 | 0.0916 | -7.49% |
| S3 | 0.0870 | -12.12% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.105 | 6.06% |
| Price | 0.0990 | |
| S1 | 0.0880 | -11.11% |
| S2 | 0.0850 | -14.14% |
| S3 | 0.0810 | -18.18% |
FAQ
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