Guangzhou Tongda Auto Electric Co., LTD Stock Forecast

Guangzhou Tongda Auto Electric Co., LTD stock price ended at $8.06 on Thursday, after losing 3.01%.
(Updated on Jun 27, 2024)

603390.SS Signals & Forecast

The Guangzhou Tongda Auto Electric Co., LTD stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $7.89 and $7.42. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -3.01%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Guangzhou Tongda Auto Electric Co., LTD stock

Guangzhou Tongda Auto Electric Co., LTD finds support from accumulated volume at $7.69 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 $0.330 between high and low, or 4.15%. For the last week, the stock has had daily average volatility of 8.68%.

Our recommended stop-loss: $7.76 (-3.78%) (This stock has high daily movements and this gives high risk. The RSI14 is 79 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (603390.SS) For The Upcoming Trading Day Of Friday 28th

For the upcoming trading day on Friday, 28th we expect Guangzhou Tongda Auto Electric Co., LTD to open at $8.10, and during the day (based on 14 day Average True Range), to move between $7.55 and $8.57, which gives a possible trading interval of +/-$0.511 (+/-6.34%) up or down from last closing price. If Guangzhou Tongda Auto Electric Co., LTD takes out the full calculated possible swing range there will be an estimated 12.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $8.16 (1.24%) than the support at $7.69 (4.59%), 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 Guangzhou Tongda Auto Electric Co., LTD stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 2.161 Buy Candidate Unchanged

Predicted Opening Price for Guangzhou Tongda Auto Electric Co., LTD of Friday, June 28, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.