MingZhu Logistics Holdings Limited Stock Forecast
Red day on Wednesday for MingZhu Logistics Holdings Limited stock after losing 3.75%
(Updated on Mar 27, 2024)
The MingZhu Logistics Holdings Limited stock price fell by -3.75% on the last day (Wednesday, 27th Mar 2024) from $0.405 to $0.390. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 8.38% from a day low at $0.370 to a day high of $0.401. The price has fallen in 7 of the last 10 days and is down by -17.26% for this period. Volume has increased on the last day by 15 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 143 thousand shares were bought and sold for approximately $55.56 thousand.
Given the current horizontal trend, you can expect MingZhu Logistics Holdings Limited stock with a 90% probability to be traded between $0.391 and $0.770 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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YGMZ Signals & Forecast
There are few to no technical positive signals at the moment. The MingZhu Logistics Holdings Limited 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 $0.442 and $0.484. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 06, 2024, and so far it has fallen -49.13%. 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). MingZhu Logistics Holdings Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for MingZhu Logistics Holdings Limited 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0310 between high and low, or 8.38%. For the last week, the stock has had daily average volatility of 6.79%.
MingZhu Logistics Holdings Limited is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (YGMZ) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect MingZhu Logistics Holdings Limited to open at $0.387, and during the day (based on 14 day Average True Range), to move between $0.339 and $0.441, which gives a possible trading interval of +/-$0.0512 (+/-13.13%) up or down from last closing price. If MingZhu Logistics Holdings Limited takes out the full calculated possible swing range there will be an estimated 26.27% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.470, some $0.0803 (20.61%) from the current price of $0.390, our system finds the risk reward not very attractive.
Is MingZhu Logistics Holdings Limited stock A Buy?
MingZhu Logistics Holdings Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.687 Sell Candidate Unchanged
Predicted Opening Price for MingZhu Logistics Holdings Limited of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.387 ( 0.719%) | $0.390 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YGMZ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.418 | 7.24 % | |
R2 | 0.406 | 4.20 % | ||
R1 | 0.399 | 2.32 % | ||
Current price: | 0.390 | |||
Support | S1 | 0.375 | -3.76 % | |
S2 | 0.368 | -5.63 % | ||
S3 | 0.356 | -8.67 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.480 | 23.17 % | |
R2 | 0.471 | 20.86 % | ||
R1 | 0.470 | 20.61 % | ||
Current price | 0.390 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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