fonfun corporation Stock Forecast
fonfun corporation stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Mar 28, 2024)
The fonfun corporation stock price fell by -3.19% on the last day (Thursday, 28th Mar 2024) from JP¥847.00 to JP¥820.00. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.66% from a day low at JP¥813.00 to a day high of JP¥859.00. The price has fallen in 7 of the last 10 days and is down by -16.84% for this period. 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 -14 thousand shares and in total, 49 thousand shares were bought and sold for approximately JP¥40.51 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at JP¥791.52 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect fonfun corporation stock with a 90% probability to be traded between JP¥792.74 and JP¥1,242.90 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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2323.T 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 fonfun corporation 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 JP¥876.86 and JP¥995.14. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 14, 2024, and so far it has fallen -33.87%. 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 fonfun corporation stock
fonfun corporation finds support from accumulated volume at JP¥818.00 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 JP¥46.00 between high and low, or 5.66%. For the last week, the stock has had daily average volatility of 4.02%.
Our recommended stop-loss: JP¥769.32 (-6.18%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (2323.T) For The Upcoming Trading Day Of Friday 29th
For the upcoming trading day on Friday, 29th we expect fonfun corporation to open at JP¥830.67, and during the day (based on 14 day Average True Range), to move between JP¥746.75 and JP¥893.25, which gives a possible trading interval of +/-JP¥73.25 (+/-8.93%) up or down from last closing price. If fonfun corporation takes out the full calculated possible swing range there will be an estimated 17.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at JP¥818.00 (0.24%) than the resistance at JP¥867.00 (5.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is fonfun corporation stock A Buy?
fonfun corporation 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: -0.863 Hold/Accumulate Upgraded
Predicted Opening Price for fonfun corporation of Friday, March 29, 2024
Fair opening price March 29, 2024 | Current price |
---|---|
JP¥830.67 ( 1.30%) | JP¥820.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2323.T
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 876.67 | 6.91 % | |
R2 | 859.09 | 4.77 % | ||
R1 | 848.24 | 3.44 % | ||
Current price: | 820.00 | |||
Support | S1 | 813.09 | -0.84 % | |
S2 | 802.24 | -2.17 % | ||
S3 | 784.67 | -4.31 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1,017.00 | 24.02 % | |
R2 | 940.00 | 14.63 % | ||
R1 | 867.00 | 5.73 % | ||
Current price | 820.00 | |||
Support | S1 | 818.00 | -0.244% | |
S2 | 805.00 | -1.83% | ||
S3 | 790.00 | -3.66% |
FAQ
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