Canggang Railway Limited Stock Forecast
Canggang Railway Limited stock upgraded to Hold/Accumulate.
(Updated on Jun 27, 2024)
The Canggang Railway Limited stock price fell by -1.15% on the last day (Thursday, 27th Jun 2024) from HK$0.87 to HK$0.86. During the last trading day the stock fluctuated 4.76% from a day low at HK$0.84 to a day high of HK$0.88. The price has been going up and down for this period, and there has been a -7.53% loss for the last 2 weeks. Volume has increased on the last day by 4 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, 9 million shares were bought and sold for approximately HK$7.50 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -22.54% during the next 3 months and, with a 90% probability hold a price between HK$0.630 and HK$0.756 at the end of this 3-month period. 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
2169.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 1.18%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Canggang Railway 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$0.90 and HK$1.00. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Canggang Railway Limited stock
Canggang Railway Limited finds support from accumulated volume at HK$0.85 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$0.0400 between high and low, or 4.76%. For the last week, the stock has had daily average volatility of 5.84%.
Our recommended stop-loss: HK$0.81 (-5.34%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (2169.HK) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Canggang Railway Limited to open at HK$0.86, and during the day (based on 14 day Average True Range), to move between HK$0.784 and HK$0.94, which gives a possible trading interval of +/-HK$0.0758 (+/-8.81%) up or down from last closing price. If Canggang Railway Limited takes out the full calculated possible swing range there will be an estimated 17.62% 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$0.85 (1.16%) than the resistance at HK$0.97 (12.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canggang Railway Limited stock A Buy?
Canggang Railway Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.396 Hold/Accumulate Upgraded
Predicted Opening Price for Canggang Railway Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| HK$0.86 ( 0%) | HK$0.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2169.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.90 | 4.65% |
| R2 | 0.88 | 2.87% |
| R1 | 0.88 | 1.78% |
| Price | 0.86 | |
| S1 | 0.84 | -1.78% |
| S2 | 0.84 | -2.87% |
| S3 | 0.82 | -4.65% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.04 | 20.93% |
| R2 | 1.03 | 19.77% |
| R1 | 0.97 | 12.79% |
| Price | 0.86 | |
| S1 | 0.85 | -1.16% |
| S2 | 0 | - |
| S3 | 0 | - |
2169 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 20, 2024 | Jun 20, 2024 | Jul 09, 2024 | HK$0.0065 | 0.752% |
| 2 | Jun 20, 2023 | Jun 20, 2023 | Jul 06, 2023 | HK$0.0076 | 0.711% |
| 3 | Jun 24, 2022 | Jun 24, 2022 | Aug 18, 2022 | HK$0.0095 | 2.25% |
| 4 | Sep 30, 2021 | Sep 30, 2021 | Oct 18, 2021 | HK$0.0121 | 3.31% |
FAQ
Click here for our free guide on how to buy Canggang Railway Limited Stock.
