Sungrow Power Supply Co Ltd Stock Forecast
Sungrow Power Supply Co Ltd stock downgraded from Buy Candidate to Sell Candidate after Tuesday trading session.
(Updated on Apr 16, 2024)
The Sungrow Power Supply Co Ltd stock price fell by -0.632% on the last day (Tuesday, 16th Apr 2024) from ¥99.73 to ¥99.10. During the last trading day the stock fluctuated 2.58% from a day low at ¥98.10 to a day high of ¥100.63. The price has fallen in 8 of the last 10 days and is down by -4.53% for this period. 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 -7 million shares and in total, 12 million shares were bought and sold for approximately ¥1.19 billion.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥97.15 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 26.82% during the next 3 months and, with a 90% probability hold a price between ¥123.21 and ¥151.73 at the end of this 3-month period.
300274.SZ Signals & Forecast
There are few to no technical positive signals at the moment. The Sungrow Power Supply Co Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ¥99.87 and ¥99.65. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -9.22%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Sungrow Power Supply Co Ltd stock
Sungrow Power Supply Co Ltd finds support from accumulated volume at ¥94.28 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 ¥2.53 between high and low, or 2.58%. For the last week, the stock has had daily average volatility of 7.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (300274.SZ) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect Sungrow Power Supply Co Ltd to open at ¥99.28, and during the day (based on 14 day Average True Range), to move between ¥93.83 and ¥104.37, which gives a possible trading interval of +/-¥5.27 (+/-5.32%) up or down from last closing price. If Sungrow Power Supply Co Ltd takes out the full calculated possible swing range there will be an estimated 10.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥99.40 (0.30%) than the support at ¥94.28 (4.86%), 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.
Earnings coming up
Sungrow Power Supply Co Ltd will release earnings BMO on Tuesday, April 23, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.69. We will update the financials statements for Sungrow Power Supply Co Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.29% in the first trading day after earnings release.
Is Sungrow Power Supply Co Ltd stock A Buy?
The Sungrow Power Supply Co Ltd stock holds several negative signals and despite the positive trend, we believe Sungrow Power Supply Co Ltd will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.107 Sell Candidate Downgraded
Predicted Opening Price for Sungrow Power Supply Co Ltd of Wednesday, April 17, 2024
| Fair opening price April 17, 2024 | Current price |
|---|---|
| ¥99.28 ( 0.178%) | ¥99.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300274.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 101.81 | 2.73 % | |
| R2 | 100.84 | 1.76 % | ||
| R1 | 100.24 | 1.15 % | ||
| Current price: | 99.10 | |||
| Support | S1 | 98.31 | -0.797 % | |
| S2 | 97.71 | -1.40 % | ||
| S3 | 96.75 | -2.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 109.17 | 10.16 % | |
| R2 | 108.74 | 9.73 % | ||
| R1 | 99.40 | 0.303 % | ||
| Current price | 99.10 | |||
| Support | S1 | 94.28 | -4.86% | |
| S2 | 84.88 | -14.35% | ||
| S3 | 79.99 | -19.28% |
300274 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2023 | Jun 07, 2023 | Jun 07, 2023 | ¥0.220 | 0.215% |
| 2 | Jun 28, 2022 | Jun 28, 2022 | Jun 28, 2022 | ¥0.110 | 0.114% |
| 3 | May 28, 2021 | May 28, 2021 | May 28, 2021 | ¥0.140 | 0.155% |
| 4 | Jul 10, 2020 | Jul 10, 2020 | Jul 10, 2020 | ¥0.0700 | 0.391% |
| 5 | Jun 28, 2019 | Jun 28, 2019 | Jun 28, 2019 | ¥0.0600 | 0.642% |
FAQ
Click here for our free guide on how to buy Sungrow Power Supply Co Ltd Stock.
