Fushun Special Steel Co.,LTD. Stock Forecast
Stronger technical forecast for Fushun Special Steel Co.,LTD. stock price after Thursday trading.
(Updated on Jun 20, 2024)
The Fushun Special Steel Co.,LTD. stock price fell by -2.41% on the last day (Thursday, 20th Jun 2024) from $5.81 to $5.67. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 3.17% from a day low at $5.67 to a day high of $5.85. The price has fallen in 6 of the last 10 days and is down by -6.28% for this period. Volume has increased on the last day by 2 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, 24 million shares were bought and sold for approximately $135.31 million.
The stock is at the lower part of a very 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 $5.43 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Fushun Special Steel Co.,LTD. stock with a 90% probability to be traded between $5.51 and $7.04 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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600399.SS 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 Fushun Special Steel Co.,LTD. 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 $5.97 and $6.30. 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 -17.83%. Further fall is indicated until a new bottom pivot has been found. 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 Fushun Special Steel Co.,LTD. stock
Fushun Special Steel Co.,LTD. finds support from accumulated volume at $5.64 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 $0.180 between high and low, or 3.17%. For the last week, the stock has had daily average volatility of 3.03%.
Our recommended stop-loss: $5.36 (-5.44%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 43 days ago.)
Trading Expectations (600399.SS) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Fushun Special Steel Co.,LTD. to open at $5.73, and during the day (based on 14 day Average True Range), to move between $5.47 and $5.87, which gives a possible trading interval of +/-$0.197 (+/-3.48%) up or down from last closing price. If Fushun Special Steel Co.,LTD. takes out the full calculated possible swing range there will be an estimated 6.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.64 (0.53%) than the resistance at $5.90 (4.06%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Fushun Special Steel Co.,LTD. stock A Buy?
Fushun Special Steel Co.,LTD. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.835 Hold/Accumulate Upgraded
Predicted Opening Price for Fushun Special Steel Co.,LTD. of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $5.73 ( 1.06%) | $5.67 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600399.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.91 | 4.23% |
| R2 | 5.84 | 3.02% |
| R1 | 5.80 | 2.27% |
| Price | 5.67 | |
| S1 | 5.66 | -0.154% |
| S2 | 5.62 | -0.90% |
| S3 | 5.55 | -2.12% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.20 | 9.35% |
| R2 | 6.15 | 8.47% |
| R1 | 5.90 | 4.06% |
| Price | 5.67 | |
| S1 | 5.64 | -0.529% |
| S2 | 5.36 | -5.47% |
| S3 | 0 | - |
600399 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 19, 2024 | Jun 19, 2024 | Jun 19, 2024 | $0.0560 | 0.96% |
| 2 | Jun 22, 2016 | Jun 22, 2016 | Jun 22, 2016 | $0.0350 | 0.549% |
| 3 | Jun 10, 2015 | Jun 10, 2015 | Jun 10, 2015 | $0.0200 | 0.117% |
| 4 | Jul 17, 2014 | Jul 17, 2014 | Jul 17, 2014 | $0.0080 | 0.231% |
| 5 | Jul 23, 2013 | Jul 23, 2013 | Jul 23, 2013 | $0.0080 | 0.606% |
FAQ
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