500com Limited Stock Analysis
Technical stock analysis for Wed 12'th Dec 2018
|Shorts||63.37% ( 2018-11-15 )|
500com Limited fell by -0.96% in the last day from $8.35 to $8.27 The price has been going up and down for this period, and there has been a 1.35% gain for the last 2 weeks. Volume has increased in the last day by 57 360 shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 77 701 shares bought and sold for approximately $642 587.00.
500com Limited lies the upper part of a very wide and falling trend in the short term, and this will 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 $8.54 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -31.50% during the next 3 months and, with 90% probability hold a price between $3.31 and $5.85 at the end of this period.
500com Limited holds buy signals from both short- and long-term moving averages. In addition, 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 $8.10 and $7.74. A break down 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 sales signal was issued from a pivot top point on Tuesday December 11, 2018, which indicates further falls until a new bottom pivot has been found. 500com 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-off's".
Relative Strength Index (RSI)
RSI14 is 58 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $7.82 and $7.44.
There is 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, 500com Limited finds support just below today's level at $7.82. If this is broken, then the next support from accumulated volume will be at $7.44 and $7.17.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $1.98 (23.94%) between high and low. For the last week, the stock has had a daily average volatility of 9.52%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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500com 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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Sell Candidate.
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