Ningxia Baofeng Energy Group Co., Ltd. Stock Forecast
Weaker technical forecast for Ningxia Baofeng Energy Group Co., Ltd. as stock downgraded to Hold/Accumulate.
(Updated on Jun 21, 2024)
The Ningxia Baofeng Energy Group Co., Ltd. stock price fell by -3.94% on the last day (Friday, 21st Jun 2024) from $17.00 to $16.33. During the last trading day the stock fluctuated 4.36% from a day low at $16.30 to a day high of $17.01. The price has risen in 6 of the last 10 days but is still down by -1.92% for this period. Volume has increased on the last day by 4 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, 29 million shares were bought and sold for approximately $473.13 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $16.31 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Ningxia Baofeng Energy Group Co., Ltd. stock with a 90% probability to be traded between $16.44 and $17.51 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
600989.SS Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 12, 2024, and so far it has risen 0.246%. Further rise is indicated until a new top pivot has been found. 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 Ningxia Baofeng Energy 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 $16.53 and $16.68. A break-up above any of these levels will issue buy signals. 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 Ningxia Baofeng Energy Group Co., Ltd. stock
Ningxia Baofeng Energy Group Co., Ltd. finds support from accumulated volume at $15.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.710 between high and low, or 4.36%. For the last week the stock has had daily average volatility of 2.84%.
Our recommended stop-loss: $15.52 (-4.98%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (600989.SS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Ningxia Baofeng Energy Group Co., Ltd. to open at $16.55, and during the day (based on 14 day Average True Range), to move between $15.93 and $16.73, which gives a possible trading interval of +/-$0.404 (+/-2.47%) up or down from last closing price. If Ningxia Baofeng Energy Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 4.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.53 (1.22%) than the support at $15.74 (3.61%), 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 Ningxia Baofeng Energy Group Co., Ltd. stock A Buy?
Ningxia Baofeng Energy Group 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.021 Hold/Accumulate Downgraded
Predicted Opening Price for Ningxia Baofeng Energy Group Co., Ltd. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $16.55 ( 1.33%) | $16.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600989.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.26 | 5.67% |
| R2 | 16.99 | 4.01% |
| R1 | 16.82 | 2.99% |
| Price | 16.33 | |
| S1 | 16.28 | -0.334% |
| S2 | 16.11 | -1.36% |
| S3 | 15.84 | -3.02% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.17 | 5.14% |
| R2 | 16.84 | 3.12% |
| R1 | 16.53 | 1.22% |
| Price | 16.33 | |
| S1 | 15.74 | -3.61% |
| S2 | 15.72 | -3.74% |
| S3 | 15.69 | -3.92% |
600989 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 30, 2023 | May 30, 2023 | May 30, 2023 | $0.140 | 1.15% |
| 2 | Dec 27, 2022 | Dec 27, 2022 | Dec 27, 2022 | $0.184 | 1.50% |
| 3 | May 12, 2022 | May 12, 2022 | May 12, 2022 | $0.321 | 2.31% |
| 4 | May 20, 2021 | May 20, 2021 | May 20, 2021 | $0.321 | 2.22% |
| 5 | Jun 04, 2020 | Jun 04, 2020 | Jun 04, 2020 | $0.321 | 3.69% |
FAQ
Click here for our free guide on how to buy Ningxia Baofeng Energy Group Co., Ltd. Stock.
