The9 Limited Stock Forecast
The9 Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The The9 Limited stock price gained 2.67% on the last trading day (Friday, 26th Apr 2024), rising from $6.74 to $6.92. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 8.27% from a day low at $6.65 to a day high of $7.20. The price has risen in 8 of the last 10 days and is up by 13.63% 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, 30 thousand more shares were traded than the day before. In total, 42 thousand shares were bought and sold for approximately $289.47 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $7.20 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 11.46% during the next 3 months and, with a 90% probability hold a price between $5.80 and $8.02 at the end of this 3-month period.
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NCTY Signals & Forecast
The The9 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 $6.46 and $6.00. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 23.57%. Further rise is indicated until a new top pivot has been found. The9 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for The9 Limited stock
The9 Limited finds support from accumulated volume at $6.79 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 $0.550 between high and low, or 8.27%. For the last week, the stock has had daily average volatility of 5.40%.
Since the The9 Limited has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $6.66 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (NCTY) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect The9 Limited to open at $6.92, and during the day (based on 14 day Average True Range), to move between $6.46 and $7.38, which gives a possible trading interval of +/-$0.459 (+/-6.64%) up or down from last closing price. If The9 Limited takes out the full calculated possible swing range there will be an estimated 13.28% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.79, some $0.130 (1.88%) from the current price of $6.92, our system finds the risk reward attractive.
Is The9 Limited stock A Buy?
The9 Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.462 Strong Buy Candidate Upgraded
Predicted Opening Price for The9 Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $6.92 ( 0.0482%) | $6.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NCTY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.47 | 8.00 % | |
| R2 | 7.26 | 4.96 % | ||
| R1 | 7.13 | 3.08 % | ||
| Current price: | 6.92 | |||
| Support | S1 | 6.71 | -2.99 % | |
| S2 | 6.58 | -4.86 % | ||
| S3 | 6.37 | -7.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.92 | |||
| Support | S1 | 6.79 | -1.88% | |
| S2 | 5.95 | -14.02% | ||
| S3 | 5.82 | -15.90% |
NCTY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 21, 2009 | Jan 29, 2009 | Oct 19, 2020 | $33.30 | 130.59% |
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