Shenyang Jinbei Automotive Co Ltd Stock Forecast
Red day on Friday for Shenyang Jinbei Automotive Co Ltd
(Updated on Jun 21, 2024)
The Shenyang Jinbei Automotive Co Ltd stock price fell by -2.75% on the last day (Friday, 21st Jun 2024) from $3.63 to $3.53. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 3.70% from a day low at $3.51 to a day high of $3.64. The price has fallen in 6 of the last 10 days and is down by -9.02% for this period. Volume has increased on the last day by 1 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, 16 million shares were bought and sold for approximately $54.86 million.
The stock has broken the wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($3.56) are considered to be a "second chance" to get out. According to the fan-theory $2.74 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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600609.SS Signals & Forecast
There are few to no technical positive signals at the moment. The Shenyang Jinbei Automotive 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 $3.79 and $4.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -26.00%. 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 Shenyang Jinbei Automotive 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 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 $0.130 between high and low, or 3.70%. For the last week, the stock has had daily average volatility of 3.47%.
Shenyang Jinbei Automotive Co Ltd is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600609.SS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Shenyang Jinbei Automotive Company Limited to open at $3.56, and during the day (based on 14 day Average True Range), to move between $3.39 and $3.67, which gives a possible trading interval of +/-$0.142 (+/-4.03%) up or down from last closing price. If Shenyang Jinbei Automotive Company Limited takes out the full calculated possible swing range there will be an estimated 8.07% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $4.15, some $0.620 (17.56%) from the current price of $3.53, our system finds the risk reward not very attractive.
Is Shenyang Jinbei Automotive Company Limited stock A Buy?
Shenyang Jinbei Automotive 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: -6.433 Strong Sell Candidate Unchanged
Predicted Opening Price for Shenyang Jinbei Automotive Company Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $3.56 ( 0.85%) | $3.53 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600609.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.69 | 4.53% |
| R2 | 3.64 | 3.13% |
| R1 | 3.61 | 2.26% |
| Price | 3.53 | |
| S1 | 3.51 | -0.557% |
| S2 | 3.48 | -1.43% |
| S3 | 3.43 | -2.83% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.34 | 22.95% |
| R2 | 4.31 | 22.10% |
| R1 | 4.15 | 17.56% |
| Price | 3.53 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
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