China Shineway Pharmaceutical Group Ltd Stock Forecast
China Shineway Pharmaceutical Group Ltd stock price up 1.02% on Tuesday
(Updated on Jun 18, 2024)
The China Shineway Pharmaceutical Group Ltd stock price gained 1.02% on the last trading day (Tuesday, 18th Jun 2024), rising from HK$7.88 to HK$7.96. During the last trading day the stock fluctuated 2.17% from a day low at HK$7.84 to a day high of HK$8.01. The price has fallen in 8 of the last 10 days and is down by -7.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 186 thousand more shares were traded than the day before. In total, 424 thousand shares were bought and sold for approximately HK$3.38 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$7.77 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -18.93% during the next 3 months and, with a 90% probability hold a price between HK$6.30 and HK$7.35 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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2877.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 1.02%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The China Shineway Pharmaceutical Group Ltd 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 HK$8.00 and HK$8.86. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for China Shineway Pharmaceutical Group Ltd stock
China Shineway Pharmaceutical Group Ltd finds support from accumulated volume at HK$7.88 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$0.170 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 2.74%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (2877.HK) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect China Shineway Pharmaceutical Group Limited to open at HK$7.94, and during the day (based on 14 day Average True Range), to move between HK$7.68 and HK$8.24, which gives a possible trading interval of +/-HK$0.276 (+/-3.47%) up or down from last closing price. If China Shineway Pharmaceutical Group Limited takes out the full calculated possible swing range there will be an estimated 6.93% 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$7.98 (0.25%) than the support at HK$7.88 (1.01%), 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 China Shineway Pharmaceutical Group Limited stock A Buy?
China Shineway Pharmaceutical Group Ltd holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.861 Sell Candidate Unchanged
Predicted Opening Price for China Shineway Pharmaceutical Group Limited of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| HK$7.94 ( 0.293%) | HK$7.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2877.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.11 | 1.84% |
| R2 | 8.04 | 1.03% |
| R1 | 8.00 | 0.523% |
| Price | 7.96 | |
| S1 | 7.87 | -1.11% |
| S2 | 7.83 | -1.61% |
| S3 | 7.77 | -2.43% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.90 | 24.37% |
| R2 | 9.23 | 15.95% |
| R1 | 7.98 | 0.251% |
| Price | 7.96 | |
| S1 | 7.88 | -1.01% |
| S2 | 0 | - |
| S3 | 0 | - |
2877 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 29, 2024 | Apr 29, 2024 | May 17, 2024 | HK$0.461 | 4.86% |
| 2 | Sep 12, 2023 | Sep 12, 2023 | Sep 12, 2023 | HK$0.118 | 1.59% |
| 3 | Apr 28, 2023 | Apr 28, 2023 | Apr 28, 2023 | HK$0.353 | 4.32% |
| 4 | Sep 13, 2022 | Sep 13, 2022 | Sep 13, 2022 | HK$0.125 | 2.26% |
| 5 | May 03, 2022 | May 03, 2022 | May 03, 2022 | HK$0.258 | 4.36% |
FAQ
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