Mirae Asset Management - Tiger China Stock Forecast
Mirae Asset Management - Tiger China stock downgraded to Sell Candidate
(Updated on Jun 18, 2024)
The Mirae Asset Management - Tiger China stock price fell by -0.0642% on the last day (Tuesday, 18th Jun 2024) from ₩7,790.00 to ₩7,785.00. During the last trading day the stock fluctuated 1.09% from a day low at ₩7,770.00 to a day high of ₩7,855.00. The price has been going up and down for this period, and there has been a -0.38% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 3 million shares were bought and sold for approximately ₩24.66 billion.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.38% during the next 3 months and, with a 90% probability hold a price between ₩7,241.66 and ₩8,017.77 at the end of this 3-month period.
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371460.KS 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 Mirae Asset Management - Tiger China 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 ₩7,863.14. On a fall, the stock will find some support from the short-term average at ₩7,690.00. 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 Wednesday, June 05, 2024, and so far it has fallen -2.38%. 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.
A buy signal from a double bottom formation was found on Tuesday, May 28, 2024 and based on theory for this formation the price should go up by 13.63% to ₩8,846.43 within 21 trading days since signal was issued (Wednesday, June 19, 2024).
Support, Risk & Stop-loss for Mirae Asset Management - Tiger China stock
Mirae Asset Management - Tiger China finds support from accumulated volume at ₩7,680.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₩85.00 between high and low, or 1.09%. For the last week the stock has had daily average volatility of 2.18%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (371460.KS) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect Mirae Asset Management - Tiger China Electric Vehicle Fund to open at ₩7,803.33, and during the day (based on 14 day Average True Range), to move between ₩7,611.38 and ₩7,958.62, which gives a possible trading interval of +/-₩173.62 (+/-2.23%) up or down from last closing price. If Mirae Asset Management - Tiger China Electric Vehicle Fund takes out the full calculated possible swing range there will be an estimated 4.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₩7,790.00 (0.06%) than the support at ₩7,680.00 (1.35%), 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 Mirae Asset Management - Tiger China Electric Vehicle Fund stock A Buy?
Mirae Asset Management - Tiger China 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.264 Sell Candidate Downgraded
Predicted Opening Price for Mirae Asset Management - Tiger China Electric Vehicle Fund of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| ₩7,803.33 ( 0.235%) | ₩7,785.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 371460.KS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7,888.33 | 1.33% |
| R2 | 7,855.86 | 0.91% |
| R1 | 7,835.80 | 0.653% |
| Price | 7,785.00 | |
| S1 | 7,770.86 | -0.182% |
| S2 | 7,750.80 | -0.439% |
| S3 | 7,718.33 | -0.86% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8,020.00 | 3.02% |
| R2 | 7,935.00 | 1.93% |
| R1 | 7,790.00 | 0.0642% |
| Price | 7,785.00 | |
| S1 | 7,680.00 | -1.35% |
| S2 | 7,660.00 | -1.61% |
| S3 | 7,650.00 | -1.73% |
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