Sunny Optical Technology (Group) Co Ltd Stock Forecast
On Thursday, Sunny Optical Technology (Group) Co Ltd stock price gained an impressive 5.54%
(Updated on May 09, 2024)
The Sunny Optical Technology (Group) Co Ltd stock price gained 5.54% on the last trading day (Thursday, 9th May 2024), rising from HK$40.65 to HK$42.90. During the last trading day the stock fluctuated 7.43% from a day low at HK$40.40 to a day high of HK$43.40. The price has risen in 7 of the last 10 days and is up by 24.53% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 17 million shares were bought and sold for approximately HK$740.30 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$44.56 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -27.81% during the next 3 months and, with a 90% probability hold a price between HK$22.70 and HK$32.17 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.
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2382.HK Signals & Forecast
Mostly positive signals in the chart today. The Sunny Optical Technology (Group) 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$40.85 and HK$40.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 24.53%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Sunny Optical Technology (Group) Co Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$38.15 and HK$35.50. 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, Sunny Optical Technology (Group) Co Ltd finds support just below today's level at HK$38.15. If this is broken, then the next support from accumulated volume will be at HK$35.50 and HK$34.45.
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 HK$3.00 between high and low, or 7.43%. For the last week, the stock has had daily average volatility of 5.61%.
Our recommended stop-loss: HK$41.32 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (2382.HK) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Sunny Optical Technology (Group) Company Limited to open at HK$42.23, and during the day (based on 14 day Average True Range), to move between HK$40.45 and HK$45.35, which gives a possible trading interval of +/-HK$2.45 (+/-5.71%) up or down from last closing price. If Sunny Optical Technology (Group) Company Limited takes out the full calculated possible swing range there will be an estimated 11.42% 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$43.70 (1.86%) than the support at HK$38.15 (11.07%), 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 Sunny Optical Technology (Group) Company Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.278 Buy Candidate Upgraded
Predicted Opening Price for Sunny Optical Technology (Group) Company Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| HK$42.23 ( 1.55%) | HK$42.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2382.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 45.23 | 5.44 % | |
| R2 | 44.09 | 2.77 % | ||
| R1 | 43.38 | 1.12 % | ||
| Current price: | 42.90 | |||
| Support | S1 | 41.09 | -4.23 % | |
| S2 | 40.38 | -5.88 % | ||
| S3 | 39.23 | -8.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 48.25 | 12.47 % | |
| R2 | 46.85 | 9.21 % | ||
| R1 | 43.70 | 1.86 % | ||
| Current price | 42.90 | |||
| Support | S1 | 38.15 | -11.07% | |
| S2 | 35.50 | -17.25% | ||
| S3 | 34.45 | -19.70% |
2382 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 30, 2023 | May 30, 2023 | May 30, 2023 | HK$0.500 | 0.660% |
| 2 | May 27, 2022 | May 27, 2022 | May 27, 2022 | HK$1.12 | 1.00% |
| 3 | May 28, 2021 | May 28, 2021 | May 28, 2021 | HK$1.06 | 0.535% |
| 4 | Mar 16, 2020 | May 27, 2020 | Jun 24, 2020 | HK$0.81 | 0.676% |
| 5 | Mar 19, 2019 | May 31, 2019 | Jun 24, 2019 | HK$0.662 | 0.84% |
FAQ
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