Highway Holdings Limited Stock Forecast

Highway Holdings Limited stock downgraded to Hold/Accumulate
(Updated on Apr 24, 2024)

HIHO Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 0.96%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Highway Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $2.13 and $2.11. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The stock had a Golden Star Signal on Wednesday, March 27, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, January 19, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Highway Holdings Limited stock

Highway Holdings Limited finds support from accumulated volume at $2.07 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.0100 between high and low, or 0.476%. For the last week the stock has had daily average volatility of 2.35%.

Our recommended stop-loss: $1.98 (-5.73%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (HIHO) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Highway Holdings Limited to open at $2.10, and during the day (based on 14 day Average True Range), to move between $2.04 and $2.16, which gives a possible trading interval of +/-$0.0603 (+/-2.87%) up or down from last closing price. If Highway Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.75% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.12 (0.95%) than the support at $2.07 (1.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Highway Holdings Limited stock A Buy?

Highway Holdings Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.921 Hold/Accumulate Downgraded

Predicted Opening Price for Highway Holdings Limited of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.