Shanghai Beite Technology Co., Ltd. Stock Forecast
Shanghai Beite Technology Co., Ltd. stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 21, 2024)
The Shanghai Beite Technology Co., Ltd. stock price gained 3.22% on the last trading day (Friday, 21st Jun 2024), rising from $18.66 to $19.26. During the last trading day the stock fluctuated 8.50% from a day low at $18.00 to a day high of $19.53. The price has fallen in 6 of the last 10 days and is down by -8.2% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 17 million shares were bought and sold for approximately $333.24 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $18.38 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 39.53% during the next 3 months and, with a 90% probability hold a price between $25.65 and $33.57 at the end of this 3-month period.
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603009.SS Signals & Forecast
The Shanghai Beite Technology Co., Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $19.44. On a fall, the stock will find some support from the long-term average at approximately $18.89. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -15.49%. 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).
Support, Risk & Stop-loss for Shanghai Beite Technology Co., Ltd. stock
Shanghai Beite Technology Co., Ltd. finds support from accumulated volume at $18.52 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 $1.53 between high and low, or 8.50%. For the last week, the stock has had daily average volatility of 5.66%.
Our recommended stop-loss: $18.09 (-6.06%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 28 days ago.)
Trading Expectations (603009.SS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Shanghai Beite Technology Co., Ltd. to open at $18.93, and during the day (based on 14 day Average True Range), to move between $17.92 and $20.60, which gives a possible trading interval of +/-$1.34 (+/-6.96%) up or down from last closing price. If Shanghai Beite Technology Co., Ltd. takes out the full calculated possible swing range there will be an estimated 13.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $18.52 (3.84%) than the resistance at $20.98 (8.93%), 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 Beite Technology Co., Ltd. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Shanghai Beite Technology Co., Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.386 Buy Candidate Upgraded
Predicted Opening Price for Shanghai Beite Technology Co., Ltd. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $18.93 ( 1.71%) | $19.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 603009.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.46 | 6.23% |
| R2 | 19.88 | 3.20% |
| R1 | 19.51 | 1.32% |
| Price | 19.26 | |
| S1 | 18.35 | -4.75% |
| S2 | 17.98 | -6.62% |
| S3 | 17.40 | -9.66% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.65 | 12.41% |
| R2 | 21.53 | 11.79% |
| R1 | 20.98 | 8.93% |
| Price | 19.26 | |
| S1 | 18.52 | -3.84% |
| S2 | 16.28 | -15.47% |
| S3 | 15.28 | -20.66% |
603009 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 10, 2024 | May 10, 2024 | May 10, 2024 | $0.0580 | 0.339% |
| 2 | Jun 05, 2023 | Jun 05, 2023 | Jun 05, 2023 | $0.0400 | 0.621% |
| 3 | Jun 23, 2022 | Jun 23, 2022 | Jun 23, 2022 | $0.0640 | 0.84% |
| 4 | Jun 19, 2019 | Jun 19, 2019 | Jun 19, 2019 | $0.0470 | 0.737% |
| 5 | Jun 13, 2018 | Jun 13, 2018 | Jun 13, 2018 | $0.0860 | 0.81% |
FAQ
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