Rizhao Port Jurong Co Ltd Stock Forecast

Rizhao Port Jurong Co Ltd stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 31, 2024)

6117.HK Signals & Forecast

The Rizhao Port Jurong Co Ltd stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$0.623. On a fall, the stock will find some support from the long-term average at approximately HK$0.594. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. 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 3.28%.

Our recommended stop-loss: HK$0.574 (-5.94%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (6117.HK) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Rizhao Port Jurong Co Ltd to open at HK$0.610, and during the day (based on 14 day Average True Range), to move between HK$0.591 and HK$0.629, which gives a possible trading interval of +/-HK$0.0188 (+/-3.08%) 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 6.16% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$0.600 (1.64%) than the resistance at HK$0.630 (3.28%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

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: 1.021 Buy Candidate Upgraded

Predicted Opening Price for Rizhao Port Jurong Co Ltd of Monday, June 3, 2024

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