Nine Dragons Paper (Holdings) Limited Stock Forecast
High volatility in Nine Dragons Paper (Holdings) Limited stock price on Thursday which ended trading at HK$3.80
(Updated on May 09, 2024)
The Nine Dragons Paper (Holdings) Limited stock price gained 8.26% on the last trading day (Thursday, 9th May 2024), rising from HK$3.51 to HK$3.80. During the last trading day the stock fluctuated 12.61% from a day low at HK$3.49 to a day high of HK$3.93. The price has risen in 6 of the last 10 days and is up by 17.65% 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, 26 million more shares were traded than the day before. In total, 32 million shares were bought and sold for approximately HK$122.50 million.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$3.66, a level that may pose a second chance to hit a runner. According to fan-theory HK$4.25 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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2689.HK Signals & Forecast
Mostly positive signals in the chart today. The Nine Dragons Paper (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$3.60 and HK$3.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 22.58%. 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 Nine Dragons Paper (Holdings) Limited stock
Nine Dragons Paper (Holdings) Limited finds support from accumulated volume at HK$3.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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$0.440 between high and low, or 12.61%. For the last week, the stock has had daily average volatility of 5.12%.
The Nine Dragons Paper (Holdings) Limited stock is extremely overbought on RSI14 (77). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: HK$3.67 (-3.46%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (2689.HK) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Nine Dragons Paper (Holdings) Limited to open at HK$3.74, and during the day (based on 14 day Average True Range), to move between HK$3.65 and HK$3.95, which gives a possible trading interval of +/-HK$0.149 (+/-3.93%) up or down from last closing price. If Nine Dragons Paper (Holdings) Limited takes out the full calculated possible swing range there will be an estimated 7.87% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$3.63, some HK$0.170 (4.47%) from the current price of HK$3.80, our system finds the risk reward attractive.
Is Nine Dragons Paper (Holdings) Limited stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.520 Buy Candidate Upgraded
Predicted Opening Price for Nine Dragons Paper (Holdings) Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| HK$3.74 ( 1.58%) | HK$3.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2689.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.18 | 10.00 % | |
| R2 | 4.01 | 5.58 % | ||
| R1 | 3.91 | 2.84 % | ||
| Current price: | 3.80 | |||
| Support | S1 | 3.57 | -6.00 % | |
| S2 | 3.47 | -8.73 % | ||
| S3 | 3.30 | -13.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 3.80 | |||
| Support | S1 | 3.63 | -4.47% | |
| S2 | 3.49 | -8.16% | ||
| S3 | 3.37 | -11.32% |
2689 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 09, 2022 | Dec 09, 2022 | Dec 09, 2022 | HK$0.0224 | 0.337% |
| 2 | Jun 16, 2022 | Jun 16, 2022 | Jun 16, 2022 | HK$0.0936 | 1.46% |
| 3 | Dec 13, 2021 | Dec 13, 2021 | Dec 13, 2021 | HK$0.404 | 4.56% |
| 4 | Jun 17, 2021 | Jun 17, 2021 | Jun 17, 2021 | HK$0.120 | 1.13% |
| 5 | Dec 14, 2020 | Dec 14, 2020 | Dec 14, 2020 | HK$0.251 | 2.43% |
FAQ
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