OneConnect Financial Technology Co., Stock Forecast
OneConnect Financial Technology Co., stock price ended at $1.58 on Tuesday, after losing 2.47%.
(Updated on Jul 02, 2024)
The OneConnect Financial Technology Co., stock price fell by -2.47% on the last day (Tuesday, 2nd Jul 2024) from $1.62 to $1.58. During the last trading day the stock fluctuated 5.06% from a day low at $1.58 to a day high of $1.66. The price has fallen in 5 of the last 10 days and is down by -11.24% for this period. 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 -6 thousand shares and in total, 4 thousand shares were bought and sold for approximately $6.12 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.57 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -13.49% during the next 3 months and, with a 90% probability hold a price between $1.36 and $1.90 at the end of this 3-month period.
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OCFT Signals & Forecast
There are mixed signals in the stock today. The OneConnect Financial Technology Co., 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 $1.65 and $1.94. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has fallen 0%. 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).
Support, Risk & Stop-loss for OneConnect Financial Technology Co., stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0800 between high and low, or 5.06%. For the last week the stock has had daily average volatility of 4.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OCFT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect OneConnect Financial Technology Co., Ltd. to open at $1.61, and during the day (based on 14 day Average True Range), to move between $1.48 and $1.68, which gives a possible trading interval of +/-$0.102 (+/-6.47%) up or down from last closing price. If OneConnect Financial Technology Co., Ltd. takes out the full calculated possible swing range there will be an estimated 12.94% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $1.79, some $0.210 (13.29%) from the current price of $1.58, our system finds the risk reward not very attractive.
Is OneConnect Financial Technology Co., Ltd. stock A Buy?
OneConnect Financial Technology Co., 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: -3.030 Sell Candidate Unchanged
Predicted Opening Price for OneConnect Financial Technology Co., Ltd. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $1.61 ( 1.69%) | $1.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCFT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.69 | 6.75% |
| R2 | 1.66 | 4.82% |
| R1 | 1.64 | 3.62% |
| Price | 1.58 | |
| S1 | 1.58 | -0.246% |
| S2 | 1.56 | -1.44% |
| S3 | 1.53 | -3.38% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.95 | 23.42% |
| R2 | 1.85 | 17.09% |
| R1 | 1.79 | 13.29% |
| Price | 1.58 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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