Guangdong Rongtai Industry Co.,Ltd Stock Forecast
Red day on Friday for Guangdong Rongtai Industry Co.,Ltd
(Updated on Jun 28, 2024)
The Guangdong Rongtai Industry Co.,Ltd stock price fell by -0.95% on the last day (Friday, 28th Jun 2024) from $3.17 to $3.14. During the last trading day the stock fluctuated 4.79% from a day low at $3.13 to a day high of $3.28. The price has fallen in 6 of the last 10 days and is down by -18.65% for this period. 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 -3 million shares and in total, 11 million shares were bought and sold for approximately $34.30 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.06 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -24.67% during the next 3 months and, with a 90% probability hold a price between $2.30 and $2.87 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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600589.SS Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Guangdong Rongtai Industry 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 $3.26 and $3.68. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Guangdong Rongtai Industry Co.,Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.150 between high and low, or 4.79%. For the last week, the stock has had daily average volatility of 8.53%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600589.SS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Guangdong Rongtai Industry Co.,Ltd to open at $3.18, and during the day (based on 14 day Average True Range), to move between $2.90 and $3.38, which gives a possible trading interval of +/-$0.237 (+/-7.54%) up or down from last closing price. If Guangdong Rongtai Industry Co.,Ltd takes out the full calculated possible swing range there will be an estimated 15.07% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $3.17, some $0.0300 (0.96%) from the current price of $3.14, our system finds the risk reward not very attractive.
Is Guangdong Rongtai Industry Co.,Ltd stock A Buy?
Guangdong Rongtai Industry Co.,Ltd 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.
Current score: -3.367 Sell Candidate Unchanged
Predicted Opening Price for Guangdong Rongtai Industry Co.,Ltd of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $3.18 ( 1.38%) | $3.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600589.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.33 | 6.16% |
| R2 | 3.28 | 4.33% |
| R1 | 3.24 | 3.20% |
| Price | 3.14 | |
| S1 | 3.13 | -0.445% |
| S2 | 3.09 | -1.57% |
| S3 | 3.03 | -3.40% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.86 | 22.93% |
| R2 | 3.80 | 21.02% |
| R1 | 3.17 | 0.96% |
| Price | 3.14 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
600589 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 10, 2019 | Jul 10, 2019 | Jul 10, 2019 | $0.0200 | 0.431% |
| 2 | Jul 10, 2018 | Jul 10, 2018 | Jul 10, 2018 | $0.0580 | 1.34% |
| 3 | Jul 13, 2017 | Jul 13, 2017 | Jul 13, 2017 | $0.0500 | 0.700% |
| 4 | Jul 20, 2016 | Jul 20, 2016 | Jul 20, 2016 | $0.0090 | 0.0888% |
| 5 | Jul 14, 2015 | Jul 14, 2015 | Jul 14, 2015 | $0.0155 | 0.143% |
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