Shanghai Guangdian Electric Group Co., Stock Forecast
Green day on Wednesday for Shanghai Guangdian Electric Group Co., stock after gaining 2.52%
(Updated on Jun 26, 2024)
The Shanghai Guangdian Electric Group Co., stock price gained 2.52% on the last trading day (Wednesday, 26th Jun 2024), rising from $2.78 to $2.85. During the last trading day the stock fluctuated 4.01% from a day low at $2.74 to a day high of $2.85. The price has fallen in 6 of the last 10 days and is down by -2.06% for this period. Volume fell on the last day by -1 million shares and in total, 7 million shares were bought and sold for approximately $21.03 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 Shanghai Guangdian Electric Group Co., stock with a 90% probability to be traded between $2.52 and $3.29 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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601616.SS Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 3.26%. 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). 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 Shanghai Guangdian Electric Group Co., 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 $2.86 and $3.05. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Shanghai Guangdian Electric Group Co., stock
Shanghai Guangdian Electric Group Co., finds support from accumulated volume at $2.83 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 $0.110 between high and low, or 4.01%. For the last week, the stock has had daily average volatility of 3.18%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (601616.SS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Shanghai Guangdian Electric Group Co., Ltd. to open at $2.81, and during the day (based on 14 day Average True Range), to move between $2.74 and $2.96, which gives a possible trading interval of +/-$0.106 (+/-3.72%) up or down from last closing price. If Shanghai Guangdian Electric Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.83 (0.70%) than the resistance at $3.19 (11.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Shanghai Guangdian Electric Group Co., Ltd. stock A Buy?
Shanghai Guangdian Electric Group Co., 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: -1.197 Sell Candidate Unchanged
Predicted Opening Price for Shanghai Guangdian Electric Group Co., Ltd. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $2.81 ( 1.29%) | $2.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 601616.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.92 | 2.57% |
| R2 | 2.88 | 1.10% |
| R1 | 2.86 | 0.188% |
| Price | 2.85 | |
| S1 | 2.77 | -2.76% |
| S2 | 2.75 | -3.67% |
| S3 | 2.70 | -5.15% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.32 | 16.49% |
| R2 | 3.23 | 13.33% |
| R1 | 3.19 | 11.93% |
| Price | 2.85 | |
| S1 | 2.83 | -0.702% |
| S2 | 2.76 | -3.16% |
| S3 | 2.56 | -10.18% |
601616 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2023 | Jun 28, 2023 | Jun 28, 2023 | $0.0700 | 2.10% |
| 2 | Jul 19, 2021 | Jul 19, 2021 | Jul 19, 2021 | $0.101 | 3.20% |
| 3 | Jun 15, 2020 | Jun 15, 2020 | Jun 15, 2020 | $0.0500 | 1.55% |
| 4 | Jul 12, 2019 | Jul 12, 2019 | Jul 12, 2019 | $0.0400 | 1.17% |
| 5 | Jul 12, 2018 | Jul 12, 2018 | Jul 12, 2018 | $0.0200 | 0.685% |
FAQ
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