Bank of Zhengzhou Co., Ltd. Stock Forecast
Weaker technical forecast for Bank of Zhengzhou Co., Ltd. as stock downgraded to Sell Candidate.
(Updated on Jul 02, 2024)
The Bank of Zhengzhou Co., Ltd. stock price gained 2.60% on the last trading day (Tuesday, 2nd Jul 2024), rising from HK$0.770 to HK$0.790. During the last trading day the stock fluctuated 5.26% from a day low at HK$0.760 to a day high of HK$0.80. The price has risen in 5 of the last 10 days and is up by 1.28% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately HK$4.78 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 7.90% during the next 3 months and, with a 90% probability hold a price between HK$0.82 and HK$0.96 at the end of this 3-month period.
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6196.HK Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bank of Zhengzhou Co., Ltd. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$0.80. On a fall, the stock will find some support from the short-term average at HK$0.781. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -8.14%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Bank of Zhengzhou Co., Ltd. stock
Bank of Zhengzhou Co., Ltd. finds support from accumulated volume at HK$0.780 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.0400 between high and low, or 5.26%. For the last week the stock has had daily average volatility of 3.41%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (6196.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Bank of Zhengzhou Co., Ltd. to open at HK$0.783, and during the day (based on 14 day Average True Range), to move between HK$0.766 and HK$0.81, which gives a possible trading interval of +/-HK$0.0235 (+/-2.98%) up or down from last closing price. If Bank of Zhengzhou Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$0.80 (1.27%) than the support at HK$0.780 (1.27%), 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 Bank of Zhengzhou Co., Ltd. stock A Buy?
Bank of Zhengzhou 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.010 Sell Candidate Downgraded
Predicted Opening Price for Bank of Zhengzhou Co., Ltd. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$0.783 ( 0.84%) | HK$0.790 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6196.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.82 | 4.22% |
| R2 | 0.81 | 2.29% |
| R1 | 0.799 | 1.09% |
| Price | 0.790 | |
| S1 | 0.768 | -2.78% |
| S2 | 0.759 | -3.97% |
| S3 | 0.743 | -5.91% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.86 | 8.86% |
| R2 | 0.82 | 3.80% |
| R1 | 0.80 | 1.27% |
| Price | 0.790 | |
| S1 | 0.780 | -1.27% |
| S2 | 0.770 | -2.53% |
| S3 | 0.720 | -8.86% |
6196 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 26, 2020 | May 26, 2020 | May 26, 2020 | HK$0.0821 | 5.86% |
| 2 | May 28, 2019 | May 28, 2019 | May 28, 2019 | HK$0.128 | 6.38% |
| 3 | May 24, 2017 | May 24, 2017 | May 24, 2017 | HK$0.187 | 5.62% |
| 4 | Jun 21, 2016 | Jun 21, 2016 | Jun 21, 2016 | HK$0.177 | 5.70% |
FAQ
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