Zhonghua Gas Holdings Limited Stock Forecast
Zhonghua Gas Holdings Limited stock downgraded to Hold/Accumulate
(Updated on Jun 17, 2024)
The Zhonghua Gas Holdings Limited stock price fell by -0.524% on the last day (Monday, 17th Jun 2024) from HK$0.191 to HK$0.190. During the last trading day the stock fluctuated 0% from a day low at HK$0.190 to a day high of HK$0.190. The price has fallen in 4 of the last 10 days but is still up by 2.7% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -200 thousand shares and in total, 80 thousand shares were bought and sold for approximately HK$15.20 thousand.
The stock lies in the middle of a wide and strong 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 37.29% during the next 3 months and, with a 90% probability hold a price between HK$0.245 and HK$0.274 at the end of this 3-month period.
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8246.HK Signals & Forecast
The Zhonghua Gas Holdings Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at HK$0.190 and HK$0.179. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, June 04, 2024, and so far it has fallen -1.04%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Zhonghua Gas Holdings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$0.154 and HK$0.150. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Zhonghua Gas Holdings Limited finds support just below today's level at HK$0.154. If this is broken, then the next support from accumulated volume will be at HK$0.150 and HK$0.149.
In general the stock tends to have controlled movements and therefore the general risk is considered 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 between high and low, or 0%. For the last week the stock has had daily average volatility of 0.105%.
Our recommended stop-loss: HK$0.183 (-3.89%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (8246.HK) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Zhonghua Gas Holdings Limited to open at HK$0.190, and during the day (based on 14 day Average True Range), to move between HK$0.187 and HK$0.193, which gives a possible trading interval of +/-HK$0.0033 (+/-1.75%) up or down from last closing price. If Zhonghua Gas Holdings Limited takes out the full calculated possible swing range there will be an estimated 3.50% 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$0.191 (0.53%) than the support at HK$0.154 (18.95%), 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.
Earnings coming up
Zhonghua Gas Holdings Limited will release earnings BMO on Thursday, June 20, 2024. We will update the financials statements for Zhonghua Gas Holdings Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.79% in the first trading day after earnings release.
Is Zhonghua Gas Holdings Limited stock A Buy?
Zhonghua Gas Holdings Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.901 Hold/Accumulate Downgraded
Predicted Opening Price for Zhonghua Gas Holdings Limited of Tuesday, June 18, 2024
Fair opening price June 18, 2024 | Current price |
---|---|
HK$0.190 ( 0.00000000%) | HK$0.190 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8246.HK
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.190 | 0.00000000% |
R2 | 0.190 | 0.00000000% |
R1 | 0.190 | 0.00000000% |
Price | 0.190 | |
S1 | 0.190 | 0.00000000% |
S2 | 0.190 | 0.00000000% |
S3 | 0.190 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0.192 | 1.05% |
R1 | 0.191 | 0.526% |
Price | 0.190 | |
S1 | 0.154 | -18.95% |
S2 | 0.150 | -21.05% |
S3 | 0.149 | -21.58% |
8246 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 18, 2019 | Jul 15, 2019 | Aug 15, 2019 | HK$0.0050 | 1.75% |
FAQ
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