China Netcom Technology Holdings Limited Stock Forecast
Strong day for China Netcom Technology Holdings Limited stock price on Friday rising 10.00% to HK$0.0220
(Updated on May 17, 2024)
The China Netcom Technology Holdings Limited stock price gained 10.00% on the last trading day (Friday, 17th May 2024), rising from HK$0.0200 to HK$0.0220. During the last trading day the stock fluctuated 4.76% from a day low at HK$0.0210 to a day high of HK$0.0220. The price has been going up and down for this period, and there has been a -4.35% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 595 thousand more shares were traded than the day before. In total, 795 thousand shares were bought and sold for approximately HK$17.49 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -16.24% during the next 3 months and, with a 90% probability hold a price between HK$0.0148 and HK$0.0202 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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8071.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 10.00%. 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). China Netcom Technology Holdings Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The China Netcom Technology Holdings Limited 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$0.0239. On a fall, the stock will find some support from the short-term average at HK$0.0219. 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 from a double top formation was found on Monday, March 04, 2024 and based on theory for this formation the price should fall by 0% to HK$0.0220 within 8 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for China Netcom Technology Holdings Limited stock
China Netcom Technology Holdings Limited finds support from accumulated volume at HK$0.0210 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved HK$0.0010 between high and low, or 4.76%. For the last week, the stock has had daily average volatility of 8.18%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (8071.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect China Netcom Technology Holdings Limited to open at HK$0.0217, and during the day (based on 14 day Average True Range), to move between HK$0.0202 and HK$0.0238, which gives a possible trading interval of +/-HK$0.0018 (+/-8.41%) up or down from last closing price. If China Netcom Technology Holdings Limited takes out the full calculated possible swing range there will be an estimated 16.82% 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$0.0210 (4.55%) than the resistance at HK$0.0230 (4.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is China Netcom Technology Holdings Limited stock A Buy?
China Netcom Technology Holdings Limited 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: -3.512 Sell Candidate Unchanged
Predicted Opening Price for China Netcom Technology Holdings Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$0.0217 ( 1.52%) | HK$0.0220 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8071.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0227 | 3.03 % | |
| R2 | 0.0223 | 1.29 % | ||
| R1 | 0.0220 | 0.221 % | ||
| Current price: | 0.0220 | |||
| Support | S1 | 0.0213 | -3.25 % | |
| S2 | 0.0210 | -4.32 % | ||
| S3 | 0.0207 | -6.06 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0260 | 18.18 % | |
| R2 | 0.0240 | 9.09 % | ||
| R1 | 0.0230 | 4.55 % | ||
| Current price | 0.0220 | |||
| Support | S1 | 0.0210 | -4.55% | |
| S2 | 0.0200 | -9.09% | ||
| S3 | 0 | . |
FAQ
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