Meituan Dianping Stock Forecast
Green day on Tuesday for Meituan Dianping stock after gaining 0.99%
(Updated on Jul 02, 2024)
The Meituan Dianping stock price gained 0.99% on the last trading day (Tuesday, 2nd Jul 2024), rising from HK$111.10 to HK$112.20. During the last trading day the stock fluctuated 4.33% from a day low at HK$108.60 to a day high of HK$113.30. The price has fallen in 6 of the last 10 days and is down by -3.94% for this period. Volume fell on the last day by -1 million shares and in total, 27 million shares were bought and sold for approximately HK$3.08 billion. 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 stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$110.09 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.42% during the next 3 months and, with a 90% probability hold a price between HK$123.77 and HK$149.90 at the end of this 3-month period.
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3690.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 6.76%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Meituan Dianping 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 HK$114.63 and HK$116.36. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Meituan Dianping stock
Meituan Dianping finds support from accumulated volume at HK$110.40 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 HK$4.70 between high and low, or 4.33%. For the last week, the stock has had daily average volatility of 3.45%.
Our recommended stop-loss: HK$107.58 (-4.11%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (3690.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Meituan Dianping to open at HK$111.37, and during the day (based on 14 day Average True Range), to move between HK$107.34 and HK$117.06, which gives a possible trading interval of +/-HK$4.86 (+/-4.33%) up or down from last closing price. If Meituan Dianping takes out the full calculated possible swing range there will be an estimated 8.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$112.70 (0.45%) than the support at HK$110.40 (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 Meituan Dianping stock A Buy?
Meituan Dianping 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.
Current score: -0.361 Hold/Accumulate Unchanged
Predicted Opening Price for Meituan Dianping of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$111.37 ( 0.743%) | HK$112.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3690.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 116.07 | 3.45% |
| R2 | 114.27 | 1.85% |
| R1 | 113.16 | 0.86% |
| Price | 112.20 | |
| S1 | 109.57 | -2.34% |
| S2 | 108.46 | -3.33% |
| S3 | 106.67 | -4.93% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 115.30 | 2.76% |
| R2 | 113.60 | 1.25% |
| R1 | 112.70 | 0.446% |
| Price | 112.20 | |
| S1 | 110.40 | -1.60% |
| S2 | 108.60 | -3.21% |
| S3 | 105.10 | -6.33% |
FAQ
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