China festive spending slows in 2019
China’s Lunar New Year registered underwhelming growth in consumer spending. At around 1.01 trillion yuan ($149 billion), consumers spent +8.5% more than they did during the previous year’s holiday season on retail and catering – but the growth rate was the slowest in atleast 8 years (based on Ministry of Commerce data).
China’ slowdown in economic growth, trade tensions with the U.S. and the nation’s plans to reduce debt apparently pulled back momentum of people’s spending appetite.
Auto purchases in the nation declined for the first time in almost three decades. Even tourist venues in the nation experienced a deceleration to +8.2 % growth in consumer spending (according to the state broadcaster CCTV citing data from the Ministry of Commerce), which is slower than the +12.6% rise last year.
MCHI in downward trend: price expected to drop as it breaks its higher Bollinger Band on October 02, 2024
MCHI broke above its upper Bollinger Band on October 02, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options. The A.I.dvisor looked at 38 similar instances where the stock broke above the upper band. In of the 38 cases the stock fell afterwards. This puts the odds of success at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for MCHI moved out of overbought territory on October 08, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 28 similar instances where the indicator moved out of overbought territory. In of the 28 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Momentum Indicator moved below the 0 level on October 15, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on MCHI as a result. In of 92 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for MCHI turned negative on October 14, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 49 similar instances when the indicator turned negative. In of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MCHI declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 67 cases where MCHI's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The 10-day moving average for MCHI crossed bullishly above the 50-day moving average on September 24, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 15 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where MCHI advanced for three days, in of 274 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 180 cases where MCHI Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
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