Shenzhen Cotran New Material Co Ltd Stock Forecast
Volatile ride for Shenzhen Cotran New Material Co Ltd stock price on Friday moving between ¥15.50 and ¥18.92
(Updated on May 24, 2024)
The Shenzhen Cotran New Material Co Ltd stock price gained 18.58% on the last trading day (Friday, 24th May 2024), rising from ¥15.77 to ¥18.70. During the last trading day the stock fluctuated 22.06% from a day low at ¥15.50 to a day high of ¥18.92. The price has risen in 6 of the last 10 days and is up by 19.95% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 million more shares were traded than the day before. In total, 23 million shares were bought and sold for approximately ¥423.27 million.
The stockhas broken the very 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 ¥17.85, a level that may pose a second chance to hit a runner. According to fan-theory ¥24.33 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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300731.SZ Signals & Forecast
The Shenzhen Cotran New Material Co Ltd 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 ¥16.25 and ¥15.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 47.71%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Shenzhen Cotran New Material Co Ltd stock
Shenzhen Cotran New Material Co Ltd finds support from accumulated volume at ¥18.53 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 ¥3.42 between high and low, or 22.06%. For the last week, the stock has had daily average volatility of 6.97%.
Our recommended stop-loss: ¥18.02 (-3.64%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 49 days ago.)
Trading Expectations (300731.SZ) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Shenzhen Cotran New Material Co Ltd to open at ¥17.71, and during the day (based on 14 day Average True Range), to move between ¥17.57 and ¥19.83, which gives a possible trading interval of +/-¥1.13 (+/-6.04%) up or down from last closing price. If Shenzhen Cotran New Material Co Ltd takes out the full calculated possible swing range there will be an estimated 12.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥18.74 (0.21%) than the support at ¥18.53 (0.91%), 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 Shenzhen Cotran New Material Co Ltd stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.392 Buy Candidate Upgraded
Predicted Opening Price for Shenzhen Cotran New Material Co Ltd of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ¥17.71 ( 5.31%) | ¥18.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 300731.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.13 | 12.98 % | |
| R2 | 19.82 | 5.99 % | ||
| R1 | 19.01 | 1.67 % | ||
| Current price: | 18.70 | |||
| Support | S1 | 16.40 | -12.30 % | |
| S2 | 15.59 | -16.61 % | ||
| S3 | 14.29 | -23.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.40 | 9.09 % | |
| R2 | 20.04 | 7.17 % | ||
| R1 | 18.74 | 0.214 % | ||
| Current price | 18.70 | |||
| Support | S1 | 18.53 | -0.91% | |
| S2 | 18.38 | -1.71% | ||
| S3 | 16.86 | -9.84% |
300731 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 27, 2024 | May 27, 2024 | May 27, 2024 | ¥0.100 | 0.535% |
| 2 | Jun 01, 2021 | Jun 01, 2021 | Jun 01, 2021 | ¥0.100 | 0.366% |
| 3 | Jun 29, 2020 | Jun 29, 2020 | Jun 29, 2020 | ¥0.100 | 0.306% |
| 4 | Jul 15, 2019 | Jul 15, 2019 | Jul 15, 2019 | ¥0.0714 | 0.378% |
| 5 | May 21, 2018 | May 21, 2018 | May 21, 2018 | ¥0.250 | 0.91% |
FAQ
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