Hunan Corun New Energy Co., Ltd. Stock Forecast
Green day on Tuesday for Hunan Corun New Energy Co., Ltd.
(Updated on Jun 18, 2024)
The Hunan Corun New Energy Co., Ltd. stock price gained 1.70% on the last trading day (Tuesday, 18th Jun 2024), rising from $4.12 to $4.19. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.95% from a day low at $4.11 to a day high of $4.19. The price has risen in 7 of the last 10 days but is still down by -1.41% for this period. Volume fell on the last day by -1 million shares and in total, 11 million shares were bought and sold for approximately $46.97 million. 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 is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Hunan Corun New Energy Co., Ltd. stock with a 90% probability to be traded between $3.67 and $4.95 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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600478.SS Signals & Forecast
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 Hunan Corun New Energy Co., Ltd. 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 $4.37. On a fall, the stock will find some support from the short-term average at $4.08. 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 Friday, May 24, 2024, and so far it has fallen -13.43%. 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).
Support, Risk & Stop-loss for Hunan Corun New Energy Co., Ltd. stock
Hunan Corun New Energy Co., Ltd. finds support from accumulated volume at $4.12 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 $0.0800 between high and low, or 1.95%. For the last week, the stock has had daily average volatility of 2.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600478.SS) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect Hunan Corun New Energy Co., Ltd. to open at $4.16, and during the day (based on 14 day Average True Range), to move between $4.03 and $4.35, which gives a possible trading interval of +/-$0.158 (+/-3.78%) up or down from last closing price. If Hunan Corun New Energy Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.12 (1.67%) than the resistance at $4.37 (4.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hunan Corun New Energy Co., Ltd. stock A Buy?
Hunan Corun New Energy Co., Ltd. holds several negative signals and is within a very 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.
Current score: -2.800 Sell Candidate Unchanged
Predicted Opening Price for Hunan Corun New Energy Co., Ltd. of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| $4.16 ( 0.636%) | $4.19 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600478.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.24 | 1.27% |
| R2 | 4.21 | 0.544% |
| R1 | 4.19 | 0.0929% |
| Price | 4.19 | |
| S1 | 4.13 | -1.37% |
| S2 | 4.11 | -1.82% |
| S3 | 4.08 | -2.55% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.78 | 14.08% |
| R2 | 4.72 | 12.65% |
| R1 | 4.37 | 4.30% |
| Price | 4.19 | |
| S1 | 4.12 | -1.67% |
| S2 | 3.94 | -5.97% |
| S3 | 3.55 | -15.27% |
600478 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 18, 2010 | Aug 18, 2010 | Aug 18, 2010 | $0.0074 | 0.181% |
| 2 | Aug 19, 2008 | Aug 19, 2008 | Aug 19, 2008 | $0.0171 | 0.87% |
| 3 | Aug 21, 2007 | Aug 21, 2007 | Aug 21, 2007 | $0.0027 | 0.120% |
| 4 | Jun 10, 2005 | Jun 10, 2005 | Jun 10, 2005 | $0.0165 | 3.14% |
| 5 | Jun 21, 2004 | Jun 21, 2004 | Jun 21, 2004 | $0.0206 | 1.92% |
FAQ
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