Chongqing Machinery & Electric Co., Ltd. Stock Forecast

Chongqing Machinery & Electric Co., Ltd. stock price ended at HK$0.670 on Friday, after losing 1.47%.
(Updated on May 17, 2024)

2722.HK Signals & Forecast

The Chongqing Machinery & Electric Co., Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$0.681. On a fall, the stock will find some support from the long-term average at approximately HK$0.669. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 4.69%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Chongqing Machinery & Electric Co., Ltd. stock

Chongqing Machinery & Electric Co., Ltd. finds support from accumulated volume at HK$0.660 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, but be aware of low or falling volume as this increases the risk. 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 2.36%.

Our recommended stop-loss: HK$0.632 (-5.73%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 19 days ago.)

Trading Expectations (2722.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Chongqing Machinery & Electric Co., Ltd. to open at HK$0.670, and during the day (based on 14 day Average True Range), to move between HK$0.647 and HK$0.693, which gives a possible trading interval of +/-HK$0.0229 (+/-3.42%) up or down from last closing price. If Chongqing Machinery & Electric Co., Ltd. takes out the full calculated possible swing range there will be an estimated 6.84% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$0.660 (1.49%) than the resistance at HK$0.700 (4.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Chongqing Machinery & Electric Co., Ltd. stock A Buy?

Chongqing Machinery & Electric 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.

Current score: 0.748 Hold/Accumulate Unchanged

Predicted Opening Price for Chongqing Machinery & Electric Co., Ltd. of Monday, May 20, 2024

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