Jiangxi Hongdu Aviation Industry Co., Stock Forecast
Is Jiangxi Hongdu Aviation Industry Co., stock still a buy after falling -5.32% on Thursday?
(Updated on Jun 20, 2024)
The Jiangxi Hongdu Aviation Industry Co., stock price fell by -5.32% on the last day (Thursday, 20th Jun 2024) from $17.68 to $16.74. During the last trading day the stock fluctuated 6.06% from a day low at $16.67 to a day high of $17.68. The price has fallen in 6 of the last 10 days and is down by -10.82% for this period. Volume has increased on the last day by 7 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 11 million shares were bought and sold for approximately $176.38 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $16.59 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Jiangxi Hongdu Aviation Industry Co., stock with a 90% probability to be traded between $16.89 and $20.84 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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600316.SS Signals & Forecast
There are few to no technical positive signals at the moment. The Jiangxi Hongdu Aviation Industry Co., 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 $17.60 and $18.40. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -17.50%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Jiangxi Hongdu Aviation Industry Co., stock
Jiangxi Hongdu Aviation Industry Co., finds support from accumulated volume at $16.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.01 (6.06%) between high and low. For the last week, the stock has had daily average volatility of 3.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600316.SS) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Jiangxi Hongdu Aviation Industry Co., Ltd. to open at $17.03, and during the day (based on 14 day Average True Range), to move between $16.09 and $17.39, which gives a possible trading interval of +/-$0.654 (+/-3.91%) up or down from last closing price. If Jiangxi Hongdu Aviation Industry Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $16.32 (2.51%) than the resistance at $18.04 (7.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Jiangxi Hongdu Aviation Industry Co., Ltd. stock A Buy?
Jiangxi Hongdu Aviation Industry Co., holds several negative signals and is within a wide and falling trend, so we believe 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: -2.802 Sell Candidate Downgraded
Predicted Opening Price for Jiangxi Hongdu Aviation Industry Co., Ltd. of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $17.03 ( 1.73%) | $16.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600316.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.04 | 7.77% |
| R2 | 17.65 | 5.46% |
| R1 | 17.42 | 4.04% |
| Price | 16.74 | |
| S1 | 16.64 | -0.572% |
| S2 | 16.41 | -2.00% |
| S3 | 16.02 | -4.30% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.29 | 21.21% |
| R2 | 19.02 | 13.62% |
| R1 | 18.04 | 7.77% |
| Price | 16.74 | |
| S1 | 16.32 | -2.51% |
| S2 | 0 | - |
| S3 | 0 | - |
600316 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 04, 2024 | Jun 04, 2024 | Jun 04, 2024 | $0.0150 | 0.0812% |
| 2 | Jul 07, 2023 | Jul 07, 2023 | Jul 07, 2023 | $0.0590 | 0.260% |
| 3 | Jun 23, 2022 | Jun 23, 2022 | Jun 23, 2022 | $0.0670 | 0.234% |
| 4 | Jul 16, 2021 | Jul 16, 2021 | Jul 16, 2021 | $0.0570 | 0.136% |
| 5 | Jul 31, 2020 | Jul 31, 2020 | Jul 31, 2020 | $0.0150 | 0.0562% |
FAQ
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