Zhejiang Meilun Elevator Co., Ltd. Stock Forecast
Zhejiang Meilun Elevator Co., Ltd. stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
The Zhejiang Meilun Elevator Co., Ltd. stock price gained 1.34% on the last trading day (Friday, 28th Jun 2024), rising from $6.74 to $6.83. During the last trading day the stock fluctuated 2.67% from a day low at $6.73 to a day high of $6.91. The price has fallen in 6 of the last 10 days and is down by -3.94% for this period. Volume fell on the last day by -207 thousand shares and in total, 2 million shares were bought and sold for approximately $17.03 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 Zhejiang Meilun Elevator Co., Ltd. stock with a 90% probability to be traded between $6.22 and $8.03 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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603321.SS Signals & Forecast
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 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 $6.85 and $7.26. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 19, 2024, and so far it has fallen -5.14%. Further fall is indicated until a new bottom pivot has been found.
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 $0.180 between high and low, or 2.67%. For the last week, the stock has had daily average volatility of 3.63%.
Our recommended stop-loss: $6.55 (-4.05%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (603321.SS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Zhejiang Meilun Elevator Co., Ltd. to open at $6.82, and during the day (based on 14 day Average True Range), to move between $6.58 and $7.08, which gives a possible trading interval of +/-$0.254 (+/-3.72%) 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 7.43% 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?
Zhejiang Meilun Elevator 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.500 Hold/Accumulate Upgraded
Predicted Opening Price for Zhejiang Meilun Elevator Co., Ltd. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $6.82 ( 0.0976%) | $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 | 7.00 | 2.54% |
| R2 | 6.93 | 1.53% |
| R1 | 6.89 | 0.91% |
| Price | 6.83 | |
| S1 | 6.75 | -1.10% |
| S2 | 6.71 | -1.73% |
| S3 | 6.64 | -2.73% |
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 | 2.20% |
| 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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