Shenwan Hongyuan Group Co., Ltd. Stock Forecast

Shenwan Hongyuan Group Co., Ltd. stock price ended at HK$1.40 on Tuesday, after losing 0%.
(Updated on Apr 23, 2024)

6806.HK Signals & Forecast

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 Shenwan Hongyuan Group 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$1.41. On a fall, the stock will find some support from the short-term average at HK$1.39. 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 Wednesday, March 20, 2024, and so far it has fallen -3.45%. 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".

Support, Risk & Stop-loss for Shenwan Hongyuan Group Co., Ltd. stock

Shenwan Hongyuan Group Co., Ltd. finds support from accumulated volume at HK$1.39 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$0.0200 between high and low, or 1.44%. For the last week the stock has had daily average volatility of 2.03%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (6806.HK) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect Shenwan Hongyuan Group Co., Ltd. to open at HK$1.40, and during the day (based on 14 day Average True Range), to move between HK$1.37 and HK$1.43, which gives a possible trading interval of +/-HK$0.0313 (+/-2.24%) up or down from last closing price. If Shenwan Hongyuan Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 4.47% 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$1.41 (0.71%) than the support at HK$1.39 (0.71%), 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 Shenwan Hongyuan Group Co., Ltd. stock A Buy?

Shenwan Hongyuan Group 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: -4.625 Sell Candidate Unchanged

Predicted Opening Price for Shenwan Hongyuan Group Co., Ltd. of Wednesday, April 24, 2024

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