Ray Co., Ltd. Stock Forecast
Evaluation of Ray Co., Ltd. stock downgraded after the last trading session.
(Updated on Jul 04, 2024)
The Ray Co., Ltd. stock price fell by -3.10% on the last day (Thursday, 4th Jul 2024) from ₩13,570.00 to ₩13,150.00. During the last trading day the stock fluctuated 5.26% from a day low at ₩13,110.00 to a day high of ₩13,800.00. The price has been going up and down for this period, and there has been a 10.97% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 690 thousand shares were bought and sold for approximately ₩9.08 billion.
The stock lies in the middle of a 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 16.99% during the next 3 months and, with a 90% probability hold a price between ₩13,997.74 and ₩15,958.86 at the end of this 3-month period.
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228670.KQ Signals & Forecast
The Ray 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 ₩12,578.57 and ₩11,740.69. 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, July 03, 2024, and so far it has fallen -3.10%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Ray Co., Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at ₩12,330.00 and ₩11,320.00. 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, Ray Co., Ltd. finds support just below today's level at ₩12,330.00. If this is broken, then the next support from accumulated volume will be at ₩11,320.00 and ₩11,120.00.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₩690.00 between high and low, or 5.26%. For the last week, the stock has had daily average volatility of 6.98%.
Our recommended stop-loss: ₩12,517.18 (-4.81%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (228670.KQ) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Ray Co., Ltd. to open at ₩13,353.33, and during the day (based on 14 day Average True Range), to move between ₩12,437.28 and ₩13,862.72, which gives a possible trading interval of +/-₩712.72 (+/-5.42%) up or down from last closing price. If Ray Co., Ltd. takes out the full calculated possible swing range there will be an estimated 10.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₩13,570.00 (3.19%) than the support at ₩12,330.00 (6.24%), 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 Ray Co., Ltd. stock A Buy?
Ray Co., Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: -0.146 Hold/Accumulate Downgraded
Predicted Opening Price for Ray Co., Ltd. of Friday, July 5, 2024
Fair opening price July 5, 2024 | Current price |
---|---|
₩13,353.33 ( 1.55%) | ₩13,150.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 228670.KQ
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 14,043.33 | 6.79% |
R2 | 13,779.75 | 4.79% |
R1 | 13,616.91 | 3.55% |
Price | 13,150.00 | |
S1 | 13,089.75 | -0.458% |
S2 | 12,926.91 | -1.70% |
S3 | 12,663.33 | -3.70% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 13,570.00 | 3.19% |
Price | 13,150.00 | |
S1 | 12,330.00 | -6.24% |
S2 | 11,320.00 | -13.92% |
S3 | 11,120.00 | -15.44% |
FAQ
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