Zhejiang Canaan Technology Ltd Stock Forecast
Zhejiang Canaan Technology Ltd stock upgraded to Sell Candidate.
(Updated on Jun 25, 2024)
The Zhejiang Canaan Technology Ltd stock price gained 2.23% on the last trading day (Tuesday, 25th Jun 2024), rising from ¥2.69 to ¥2.75. During the last trading day the stock fluctuated 4.80% from a day low at ¥2.71 to a day high of ¥2.84. The price has fallen in 7 of the last 10 days and is down by -6.14% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 241 thousand more shares were traded than the day before. In total, 11 million shares were bought and sold for approximately ¥29.79 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥2.67 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -24.50% during the next 3 months and, with a 90% probability hold a price between ¥2.02 and ¥2.72 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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300412.SZ Signals & Forecast
There are mixed signals in the stock today. The Zhejiang Canaan Technology 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 ¥2.82 and ¥3.28. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 2.23%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Zhejiang Canaan Technology Ltd stock
Zhejiang Canaan Technology Ltd finds support from accumulated volume at ¥2.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ¥0.130 between high and low, or 4.80%. For the last week, the stock has had daily average volatility of 5.22%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (300412.SZ) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Zhejiang Canaan Technology Ltd to open at ¥2.77, and during the day (based on 14 day Average True Range), to move between ¥2.54 and ¥2.96, which gives a possible trading interval of +/-¥0.214 (+/-7.80%) up or down from last closing price. If Zhejiang Canaan Technology Ltd takes out the full calculated possible swing range there will be an estimated 15.59% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥2.69 (2.18%) than the resistance at ¥3.28 (19.27%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zhejiang Canaan Technology Ltd stock A Buy?
Zhejiang Canaan Technology 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.661 Sell Candidate Upgraded
Predicted Opening Price for Zhejiang Canaan Technology Ltd of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ¥2.77 ( 0.606%) | ¥2.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300412.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.90 | 5.33% |
| R2 | 2.85 | 3.53% |
| R1 | 2.82 | 2.41% |
| Price | 2.75 | |
| S1 | 2.72 | -1.20% |
| S2 | 2.69 | -2.32% |
| S3 | 2.64 | -4.12% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.43 | 24.73% |
| R2 | 3.35 | 21.82% |
| R1 | 3.28 | 19.27% |
| Price | 2.75 | |
| S1 | 2.69 | -2.18% |
| S2 | 0 | - |
| S3 | 0 | - |
300412 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 09, 2022 | Jun 09, 2022 | Jun 09, 2022 | ¥0.0600 | 0.88% |
| 2 | May 26, 2021 | May 26, 2021 | May 26, 2021 | ¥0.0941 | 1.61% |
| 3 | Jun 05, 2020 | Jun 05, 2020 | Jun 05, 2020 | ¥0.0941 | 2.18% |
| 4 | May 29, 2019 | May 29, 2019 | May 29, 2019 | ¥0.0647 | 1.67% |
| 5 | May 22, 2018 | May 22, 2018 | May 22, 2018 | ¥0.0647 | 1.11% |
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