Tongda Hong Tai Holdings Limited Stock Forecast

Tongda Hong Tai Holdings Limited stock price ended at HK$0.550 on Tuesday, after losing 0%.
(Updated on May 07, 2024)

2363.HK Signals & Forecast

The Tongda Hong Tai Holdings Limited 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$0.550 and HK$0.389. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has fallen 0%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Wednesday, April 17, 2024 with a target of HK$0.590. Despite whether the objective of the signal formation has been reached the stock may continue to fall.

Support, Risk & Stop-loss for Tongda Hong Tai 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.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved HK$0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.57%

Tongda Hong Tai Holdings Limited is oversold on RSI14 (14). 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: HK$0.513 (-6.72%) (This stock has low daily movements and this gives low risk. Low RSI14 is 14 which reduces the risk some. There is a buy signal from a pivot bottom found 7 days ago.)

Trading Expectations (2363.HK) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect Tongda Hong Tai Holdings Limited to open at HK$0.550, and during the day (based on 14 day Average True Range), to move between HK$0.529 and HK$0.571, which gives a possible trading interval of +/-HK$0.0207 (+/-3.77%) up or down from last closing price. If Tongda Hong Tai Holdings Limited takes out the full calculated possible swing range there will be an estimated 7.53% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ HK$0.580, some HK$0.0300 (5.45%) from the current price of HK$0.550, our system finds the risk reward not very attractive.

Is Tongda Hong Tai Holdings Limited stock A Buy?

Tongda Hong Tai Holdings Limited 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.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Tongda Hong Tai Holdings Limited of Wednesday, May 8, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.