Global New Material International Stock Forecast
Red day on Wednesday for Global New Material International stock after losing 0%
(Updated on Jun 26, 2024)
No changes to the price of Global New Material International stock on the last trading day (Wednesday, 26th Jun 2024). During the last trading day the stock fluctuated 2.12% from a day low at HK$3.78 to a day high of HK$3.86. The price has been going up and down for this period, and there has been a 4.09% gain for the last 2 weeks.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$3.71 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 5.51% during the next 3 months and, with a 90% probability hold a price between HK$3.92 and HK$4.80 at the end of this 3-month period.
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6616.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 4.09%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Global New Material International 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 HK$3.87 and HK$3.97. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.
Support, Risk & Stop-loss for Global New Material International stock
Global New Material International finds support from accumulated volume at HK$3.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.0800 (2.12%) between high and low. For the last week, the stock has had daily average volatility of 2.41%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (6616.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Global New Material International Holdings Limited to open at HK$3.82, and during the day (based on 14 day Average True Range), to move between HK$3.71 and HK$3.93, which gives a possible trading interval of +/-HK$0.112 (+/-2.94%) up or down from last closing price. If Global New Material International Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.87% 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$3.89 (1.83%) than the support at HK$3.74 (2.09%), 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 Global New Material International Holdings Limited stock A Buy?
The Global New Material International stock holds several negative signals and despite the positive trend, we believe Global New Material International will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.501 Sell Candidate Unchanged
Predicted Opening Price for Global New Material International Holdings Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$3.82 ( 0%) | HK$3.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6616.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.90 | 2.09% |
| R2 | 3.87 | 1.29% |
| R1 | 3.85 | 0.800% |
| Price | 3.82 | |
| S1 | 3.79 | -0.800% |
| S2 | 3.77 | -1.29% |
| S3 | 3.74 | -2.09% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.23 | 10.73% |
| R2 | 4.09 | 7.07% |
| R1 | 3.89 | 1.83% |
| Price | 3.82 | |
| S1 | 3.74 | -2.09% |
| S2 | 3.52 | -7.85% |
| S3 | 3.46 | -9.42% |
6616 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2022 | Jun 28, 2022 | Jul 18, 2022 | HK$0.0350 | 0.88% |
FAQ
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