Shang Gong Group Co., Ltd. Stock Forecast
Red day on Thursday for Shang Gong Group Co., Ltd.
(Updated on Jul 04, 2024)
The Shang Gong Group Co., Ltd. stock price fell by -4.41% on the last day (Thursday, 4th Jul 2024) from $7.03 to $6.72. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.40% from a day low at $6.67 to a day high of $7.03. The price has fallen in 8 of the last 10 days and is down by -22.76% 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, 42 million shares were bought and sold for approximately $282.57 million.
Given the current short-term trend, the stock is expected to rise 30.27% during the next 3 months and, with a 90% probability hold a price between $8.75 and $14.55 at the end of this 3-month period.
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600843.SS Signals & Forecast
There are few to no technical positive signals at the moment. The Shang Gong Group 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 $7.22 and $8.09. 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 23, 2024, and so far it has fallen -32.05%. 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 Shang Gong Group Co., Ltd. stock
Shang Gong Group Co., Ltd. finds support from accumulated volume at $6.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.360 between high and low, or 5.40%. For the last week, the stock has had daily average volatility of 4.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600843.SS) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Shang Gong Group Co., Ltd. to open at $6.81, and during the day (based on 14 day Average True Range), to move between $6.17 and $7.27, which gives a possible trading interval of +/-$0.553 (+/-8.24%) up or down from last closing price. If Shang Gong Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 16.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.96 (3.57%) than the support at $6.44 (4.17%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Shang Gong Group Co., Ltd. stock A Buy?
The Shang Gong Group Co., Ltd. stock holds several negative signals and despite the positive trend, we believe Shang Gong Group Co., Ltd. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.099 Sell Candidate Unchanged
Predicted Opening Price for Shang Gong Group Co., Ltd. of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| $6.81 ( 1.29%) | $6.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600843.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.17 | 6.65% |
| R2 | 7.03 | 4.60% |
| R1 | 6.94 | 3.34% |
| Price | 6.72 | |
| S1 | 6.67 | -0.757% |
| S2 | 6.58 | -2.02% |
| S3 | 6.45 | -4.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.23 | 22.47% |
| R2 | 8.14 | 21.13% |
| R1 | 6.96 | 3.57% |
| Price | 6.72 | |
| S1 | 6.44 | -4.17% |
| S2 | 6.24 | -7.14% |
| S3 | 6.04 | -10.12% |
600843 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 02, 2023 | Aug 02, 2023 | Aug 02, 2023 | $0.0500 | 0.87% |
| 2 | Jul 27, 2022 | Jul 27, 2022 | Jul 27, 2022 | $0.0500 | 0.89% |
| 3 | May 10, 1995 | May 10, 1995 | May 10, 1995 | $0.0618 | 1.99% |
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