Rizhao Port Jurong Co Ltd Stock Forecast

Rizhao Port Jurong Co Ltd stock upgraded to Buy Candidate.
(Updated on May 17, 2024)

6117.HK Signals & Forecast

The Rizhao Port Jurong 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 HK$0.609 and HK$0.580. 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 Thursday, May 16, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Rizhao Port Jurong Co Ltd stock

Rizhao Port Jurong Co Ltd finds support from accumulated volume at HK$0.600 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved HK$0 between high and low, or 0%. For the last week the stock has had daily average volatility of 2.69%

The Rizhao Port Jurong Co Ltd stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: HK$0.610 (-3.18%) (This stock has low daily movements and this gives low risk. The RSI14 is 91 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (6117.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Rizhao Port Jurong Co Ltd to open at HK$0.630, and during the day (based on 14 day Average True Range), to move between HK$0.615 and HK$0.645, which gives a possible trading interval of +/-HK$0.0146 (+/-2.32%) up or down from last closing price. If Rizhao Port Jurong Co Ltd takes out the full calculated possible swing range there will be an estimated 4.64% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$0.600, some HK$0.0300 (4.76%) from the current price of HK$0.630, our system finds the risk reward attractive.

Is Rizhao Port Jurong Co Ltd stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Rizhao Port Jurong Co Ltd stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.682 Buy Candidate Upgraded

Predicted Opening Price for Rizhao Port Jurong Co Ltd of Monday, May 20, 2024

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