Wenzhou Hongfeng Electrical Alloy Co., Stock Forecast
Wenzhou Hongfeng Electrical Alloy Co., stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 21, 2024)
The Wenzhou Hongfeng Electrical Alloy Co., stock price fell by -1.30% on the last day (Friday, 21st Jun 2024) from ¥4.63 to ¥4.57. During the last trading day the stock fluctuated 3.54% from a day low at ¥4.52 to a day high of ¥4.68. The price has fallen in 5 of the last 10 days but is still up by 4.34% over the past 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 -2 million shares and in total, 6 million shares were bought and sold for approximately ¥27.98 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.35% during the next 3 months and, with a 90% probability hold a price between ¥3.66 and ¥4.51 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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300283.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 6.53%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wenzhou Hongfeng Electrical Alloy Co., 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 ¥4.68 and ¥4.77. 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). 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 Wenzhou Hongfeng Electrical Alloy Co., stock
Wenzhou Hongfeng Electrical Alloy Co., finds support from accumulated volume at ¥4.39 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 ¥0.160 between high and low, or 3.54%. For the last week, the stock has had daily average volatility of 6.16%.
Our recommended stop-loss: ¥4.37 (-4.30%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (300283.SZ) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Wenzhou Hongfeng Electrical Alloy Co., Ltd. to open at ¥4.59, and during the day (based on 14 day Average True Range), to move between ¥4.22 and ¥4.92, which gives a possible trading interval of +/-¥0.352 (+/-7.71%) up or down from last closing price. If Wenzhou Hongfeng Electrical Alloy Co., Ltd. takes out the full calculated possible swing range there will be an estimated 15.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥4.73 (3.50%) than the support at ¥4.39 (3.94%), 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 Wenzhou Hongfeng Electrical Alloy Co., Ltd. stock A Buy?
Wenzhou Hongfeng Electrical Alloy Co., holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.940 Hold/Accumulate Upgraded
Predicted Opening Price for Wenzhou Hongfeng Electrical Alloy Co., Ltd. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ¥4.59 ( 0.438%) | ¥4.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300283.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.75 | 3.94% |
| R2 | 4.69 | 2.60% |
| R1 | 4.65 | 1.78% |
| Price | 4.57 | |
| S1 | 4.53 | -0.90% |
| S2 | 4.49 | -1.73% |
| S3 | 4.43 | -3.06% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.03 | 10.07% |
| R2 | 4.77 | 4.38% |
| R1 | 4.73 | 3.50% |
| Price | 4.57 | |
| S1 | 4.39 | -3.94% |
| S2 | 4.38 | -4.16% |
| S3 | 4.29 | -6.13% |
300283 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 18, 2024 | Jun 18, 2024 | Jun 18, 2024 | ¥0.0200 | 0.419% |
| 2 | Jun 28, 2023 | Jun 28, 2023 | Jun 28, 2023 | ¥0.0250 | 0.432% |
| 3 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | ¥0.0400 | 0.655% |
| 4 | Jul 07, 2021 | Jul 07, 2021 | Jul 07, 2021 | ¥0.0200 | 0.289% |
| 5 | Jun 12, 2020 | Jun 12, 2020 | Jun 12, 2020 | ¥0.0130 | 0.316% |
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