Shanghai Sunglow Packaging Technology Stock Forecast
Weaker technical forecast for Shanghai Sunglow Packaging Technology as stock downgraded to Strong Sell Candidate.
(Updated on Jun 27, 2024)
The Shanghai Sunglow Packaging Technology stock price fell by -4.19% on the last day (Thursday, 27th Jun 2024) from $14.09 to $13.50. During the last trading day the stock fluctuated 6.04% from a day low at $13.40 to a day high of $14.21. The price has fallen in 7 of the last 10 days and is down by -16.92% for this period. Volume has increased on the last day by 1 million 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, 4 million shares were bought and sold for approximately $55.77 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -31.77% during the next 3 months and, with a 90% probability hold a price between $7.56 and $12.46 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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603499.SS Signals & Forecast
There are few to no technical positive signals at the moment. The Shanghai Sunglow Packaging Technology 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 $14.04 and $16.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 08, 2024, and so far it has fallen -28.68%. 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). 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 Shanghai Sunglow Packaging Technology stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.81 between high and low, or 6.04%. For the last week, the stock has had daily average volatility of 4.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (603499.SS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Shanghai Sunglow Packaging Technology Co.,Ltd to open at $13.70, and during the day (based on 14 day Average True Range), to move between $12.64 and $14.36, which gives a possible trading interval of +/-$0.86 (+/-6.36%) up or down from last closing price. If Shanghai Sunglow Packaging Technology Co.,Ltd takes out the full calculated possible swing range there will be an estimated 12.71% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $14.62, some $1.12 (8.30%) from the current price of $13.50, our system finds the risk reward not very attractive.
Is Shanghai Sunglow Packaging Technology Co.,Ltd stock A Buy?
Shanghai Sunglow Packaging Technology 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.812 Strong Sell Candidate Downgraded
Predicted Opening Price for Shanghai Sunglow Packaging Technology Co.,Ltd of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $13.70 ( 1.51%) | $13.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 603499.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 14.51 | 7.51% |
| R2 | 14.20 | 5.21% |
| R1 | 14.01 | 3.80% |
| Price | 13.50 | |
| S1 | 13.39 | -0.786% |
| S2 | 13.20 | -2.20% |
| S3 | 12.89 | -4.49% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 16.56 | 22.67% |
| R2 | 16.25 | 20.37% |
| R1 | 14.62 | 8.30% |
| Price | 13.50 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
603499 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 19, 2023 | Sep 19, 2023 | Sep 19, 2023 | $0.0250 | 0.271% |
| 2 | Jun 28, 2023 | Jun 28, 2023 | Jun 28, 2023 | $0.0150 | 0.168% |
| 3 | Jul 01, 2020 | Jul 01, 2020 | Jul 01, 2020 | $0.0800 | 0.624% |
| 4 | Jun 19, 2019 | Jun 19, 2019 | Jun 19, 2019 | $0.102 | 0.723% |
| 5 | Jul 06, 2018 | Jul 06, 2018 | Jul 06, 2018 | $0.102 | 0.763% |
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