Zhejiang Meilun Elevator Co., Ltd. Stock Forecast
Zhejiang Meilun Elevator Co., Ltd. stock price ended at $6.83 on Wednesday, after losing 0.437%.
(Updated on Jun 26, 2024)
The Zhejiang Meilun Elevator Co., Ltd. stock price fell by -0.437% on the last day (Wednesday, 26th Jun 2024) from $6.86 to $6.83. During the last trading day the stock fluctuated 2.85% from a day low at $6.67 to a day high of $6.86. The price has been going up and down for this period, and there has been a -3.39% loss for the last 2 weeks. Volume has increased on the last day by 472 thousand 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, 3 million shares were bought and sold for approximately $22.26 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.62 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 2.58% during the next 3 months and, with a 90% probability hold a price between $6.80 and $8.29 at the end of this 3-month period.
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603321.SS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 3.80%. 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 Zhejiang Meilun Elevator 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 $6.95 and $7.31. 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 Zhejiang Meilun Elevator Co., Ltd. stock
Zhejiang Meilun Elevator Co., Ltd. finds support from accumulated volume at $6.79 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 $0.190 between high and low, or 2.85%. For the last week, the stock has had daily average volatility of 3.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (603321.SS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Zhejiang Meilun Elevator Co., Ltd. to open at $6.79, and during the day (based on 14 day Average True Range), to move between $6.57 and $7.09, which gives a possible trading interval of +/-$0.261 (+/-3.82%) up or down from last closing price. If Zhejiang Meilun Elevator Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.79 (0.59%) than the resistance at $7.68 (12.45%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zhejiang Meilun Elevator Co., Ltd. stock A Buy?
The Zhejiang Meilun Elevator Co., Ltd. stock holds several negative signals and despite the positive trend, we believe Zhejiang Meilun Elevator Co., Ltd. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.885 Sell Candidate Unchanged
Predicted Opening Price for Zhejiang Meilun Elevator Co., Ltd. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $6.79 ( 0.634%) | $6.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 603321.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.98 | 2.15% |
| R2 | 6.90 | 1.08% |
| R1 | 6.86 | 0.428% |
| Price | 6.83 | |
| S1 | 6.71 | -1.70% |
| S2 | 6.67 | -2.35% |
| S3 | 6.60 | -3.42% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.96 | 16.54% |
| R2 | 7.70 | 12.74% |
| R1 | 7.68 | 12.45% |
| Price | 6.83 | |
| S1 | 6.79 | -0.586% |
| S2 | 6.62 | -3.07% |
| S3 | 6.15 | -9.96% |
603321 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 26, 2024 | Jun 26, 2024 | Jun 26, 2024 | $0.150 | 2.21% |
| 2 | Jun 27, 2023 | Jun 27, 2023 | Jun 27, 2023 | $0.100 | 1.35% |
| 3 | Jun 21, 2022 | Jun 21, 2022 | Jun 21, 2022 | $0.100 | 1.58% |
| 4 | Sep 30, 2021 | Sep 30, 2021 | Sep 30, 2021 | $0.0500 | 0.744% |
| 5 | Jun 16, 2021 | Jun 16, 2021 | Jun 16, 2021 | $0.0500 | 0.712% |
FAQ
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