Shenzhen Inovance Technology Co., Ltd Stock Forecast
Shenzhen Inovance Technology Co., Ltd stock price down 1.28% on Wednesday
(Updated on Apr 24, 2024)
The Shenzhen Inovance Technology Co., Ltd stock price fell by -1.28% on the last day (Wednesday, 24th Apr 2024) from ¥59.95 to ¥59.18. During the last trading day the stock fluctuated 3.27% from a day low at ¥59.10 to a day high of ¥61.03. The price has been going up and down for this period, and there has been a 2% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 12 million shares were bought and sold for approximately ¥694.49 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥58.25 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.05% during the next 3 months and, with a 90% probability hold a price between ¥59.45 and ¥69.06 at the end of this 3-month period.
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300124.SZ Signals & Forecast
There are mixed signals in the stock today. The Shenzhen Inovance Technology Co., 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 ¥60.75 and ¥62.00. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Wednesday, April 10, 2024, and so far it has risen 2.00%. 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).
Support, Risk & Stop-loss for Shenzhen Inovance Technology Co., Ltd stock
Shenzhen Inovance Technology Co., Ltd finds support from accumulated volume at ¥58.28 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ¥1.93 between high and low, or 3.27%. For the last week the stock has had daily average volatility of 3.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (300124.SZ) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Shenzhen Inovance Technology Co., Ltd to open at ¥59.77, and during the day (based on 14 day Average True Range), to move between ¥56.93 and ¥61.43, which gives a possible trading interval of +/-¥2.25 (+/-3.80%) up or down from last closing price. If Shenzhen Inovance Technology Co., Ltd takes out the full calculated possible swing range there will be an estimated 7.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥59.35 (0.29%) than the support at ¥58.28 (1.52%), 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 Shenzhen Inovance Technology Co., Ltd stock A Buy?
Shenzhen Inovance Technology Co., Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.824 Sell Candidate Unchanged
Predicted Opening Price for Shenzhen Inovance Technology Co., Ltd of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ¥59.77 ( 1.00%) | ¥59.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300124.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.70 | 4.26 % | |
| R2 | 60.96 | 3.01 % | ||
| R1 | 60.51 | 2.24 % | ||
| Current price: | 59.18 | |||
| Support | S1 | 59.03 | -0.249 % | |
| S2 | 58.58 | -1.02 % | ||
| S3 | 57.84 | -2.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 60.70 | 2.57 % | |
| R2 | 59.55 | 0.625 % | ||
| R1 | 59.35 | 0.287 % | ||
| Current price | 59.18 | |||
| Support | S1 | 58.28 | -1.52% | |
| S2 | 56.87 | -3.90% | ||
| S3 | 55.96 | -5.44% |
300124 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 12, 2023 | Jun 12, 2023 | Jun 12, 2023 | ¥0.360 | 0.613% |
| 2 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | ¥0.300 | 0.459% |
| 3 | Jun 04, 2021 | Jun 04, 2021 | Jun 04, 2021 | ¥0.240 | 0.394% |
| 4 | Jul 15, 2020 | Jul 15, 2020 | Jul 15, 2020 | ¥0.120 | 0.238% |
| 5 | Jul 05, 2019 | Jul 05, 2019 | Jul 05, 2019 | ¥0.133 | 0.560% |
FAQ
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