Union Optech Co Ltd Stock Forecast

Union Optech Co Ltd stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)

300691.SZ Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Union Optech Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ¥16.32. On a fall, the stock will find some support from the short-term average at ¥15.76. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -0.98%. Further fall is indicated until a new bottom pivot has been found. 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 Union Optech Co Ltd stock

Union Optech Co Ltd finds support from accumulated volume at ¥16.11 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 ¥0.700 between high and low, or 4.36%. For the last week, the stock has had daily average volatility of 6.24%.

Our recommended stop-loss: ¥15.55 (-4.23%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (300691.SZ) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Union Optech Co Ltd to open at ¥16.34, and during the day (based on 14 day Average True Range), to move between ¥15.21 and ¥17.27, which gives a possible trading interval of +/-¥1.03 (+/-6.35%) up or down from last closing price. If Union Optech Co Ltd takes out the full calculated possible swing range there will be an estimated 12.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ¥16.11 (0.80%) than the resistance at ¥17.19 (5.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Union Optech Co Ltd stock A Buy?

Union Optech Co Ltd 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: -0.400 Hold/Accumulate Downgraded

Predicted Opening Price for Union Optech Co Ltd of Tuesday, May 7, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.