Sinocare Inc Stock Forecast
Volatile ride for Sinocare Inc stock price on Thursday moving between ¥19.59 and ¥23.58
(Updated on Apr 25, 2024)
The Sinocare Inc stock price gained 1.53% on the last trading day (Thursday, 25th Apr 2024), rising from ¥22.82 to ¥23.17. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 20.37% from a day low at ¥19.59 to a day high of ¥23.58. The price has risen in 7 of the last 10 days and is up by 10.33% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 5 million shares were bought and sold for approximately ¥123.51 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ¥21.52, a level that may pose a second chance to hit a runner. According to fan-theory ¥25.49 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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300298.SZ Signals & Forecast
The Sinocare Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ¥21.43 and ¥21.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 16.73%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Sinocare Inc stock
Sinocare Inc finds support from accumulated volume at ¥22.80 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 ¥3.99 between high and low, or 20.37%. For the last week, the stock has had daily average volatility of 14.97%.
Our recommended stop-loss: ¥22.42 (-3.24%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (300298.SZ) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Sinocare Inc to open at ¥22.11, and during the day (based on 14 day Average True Range), to move between ¥21.51 and ¥24.83, which gives a possible trading interval of +/-¥1.66 (+/-7.18%) up or down from last closing price. If Sinocare Inc takes out the full calculated possible swing range there will be an estimated 14.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥23.23 (0.26%) than the support at ¥22.80 (1.60%), 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 Sinocare Inc stock A Buy?
Sinocare Inc 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. 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 Hold/Accumulate candidate.
Current score: 0.929 Hold/Accumulate Downgraded
Predicted Opening Price for Sinocare Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| ¥22.11 ( 4.56%) | ¥23.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300298.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.10 | 12.66 % | |
| R2 | 24.58 | 6.08 % | ||
| R1 | 23.64 | 2.02 % | ||
| Current price: | 23.17 | |||
| Support | S1 | 20.59 | -11.14 % | |
| S2 | 19.65 | -15.20 % | ||
| S3 | 18.12 | -21.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.79 | 6.99 % | |
| R2 | 24.27 | 4.75 % | ||
| R1 | 23.23 | 0.259 % | ||
| Current price | 23.17 | |||
| Support | S1 | 22.80 | -1.60% | |
| S2 | 21.34 | -7.90% | ||
| S3 | 19.85 | -14.33% |
300298 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 26, 2023 | May 26, 2023 | May 26, 2023 | ¥0.200 | 0.611% |
| 2 | May 25, 2022 | May 25, 2022 | May 25, 2022 | ¥0.200 | 1.16% |
| 3 | Jun 11, 2021 | Jun 11, 2021 | Jun 11, 2021 | ¥0.200 | 0.653% |
| 4 | May 19, 2020 | May 19, 2020 | May 19, 2020 | ¥0.300 | 1.35% |
| 5 | May 17, 2019 | May 17, 2019 | May 17, 2019 | ¥0.300 | 2.27% |
FAQ
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