Sobute New Materials Co., Ltd Stock Forecast
Red day on Thursday for Sobute New Materials Co., Ltd stock after losing 1.76%
(Updated on Jun 27, 2024)
The Sobute New Materials Co., Ltd stock price fell by -1.76% on the last day (Thursday, 27th Jun 2024) from $6.82 to $6.70. During the last trading day the stock fluctuated 2.54% from a day low at $6.68 to a day high of $6.85. The price has fallen in 7 of the last 10 days and is down by -8.22% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -633 thousand shares and in total, 2 million shares were bought and sold for approximately $16.66 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.63 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -13.35% during the next 3 months and, with a 90% probability hold a price between $5.75 and $7.67 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
603916.SS Signals & Forecast
There are mixed signals in the stock today. The Sobute New Materials 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 $6.84 and $7.91. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Tuesday, June 25, 2024, and so far it has risen 0.299%. 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).
Support, Risk & Stop-loss for Sobute New Materials Co., Ltd stock
Sobute New Materials Co., Ltd finds support from accumulated volume at $6.68 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 $0.170 between high and low, or 2.54%. For the last week, the stock has had daily average volatility of 3.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (603916.SS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Sobute New Materials Co., Ltd to open at $6.74, and during the day (based on 14 day Average True Range), to move between $6.42 and $6.98, which gives a possible trading interval of +/-$0.278 (+/-4.16%) up or down from last closing price. If Sobute New Materials Co., Ltd takes out the full calculated possible swing range there will be an estimated 8.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.68 (0.30%) than the resistance at $7.30 (8.96%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sobute New Materials Co., Ltd stock A Buy?
Sobute New Materials Co., Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.275 Sell Candidate Unchanged
Predicted Opening Price for Sobute New Materials Co., Ltd of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $6.74 ( 0.647%) | $6.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 603916.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.91 | 3.18% |
| R2 | 6.85 | 2.21% |
| R1 | 6.81 | 1.62% |
| Price | 6.70 | |
| S1 | 6.68 | -0.322% |
| S2 | 6.64 | -0.92% |
| S3 | 6.57 | -1.89% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.22 | 22.69% |
| R2 | 8.10 | 20.90% |
| R1 | 7.30 | 8.96% |
| Price | 6.70 | |
| S1 | 6.68 | -0.299% |
| S2 | 0 | - |
| S3 | 0 | - |
603916 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 25, 2024 | Jun 25, 2024 | Jun 25, 2024 | $0.150 | 2.25% |
| 2 | May 31, 2023 | May 31, 2023 | May 31, 2023 | $0.300 | 2.27% |
| 3 | May 24, 2022 | May 24, 2022 | May 24, 2022 | $0.360 | 1.63% |
| 4 | May 18, 2021 | May 18, 2021 | May 18, 2021 | $0.300 | 1.29% |
| 5 | May 26, 2020 | May 26, 2020 | May 26, 2020 | $0.250 | 1.14% |
FAQ
Click here for our free guide on how to buy Sobute New Materials Co., Ltd Stock.
