Hunan Gold Corp Ltd Stock Forecast

Volatile ride for Hunan Gold Corp Ltd stock price on Thursday moving between ¥15.70 and ¥17.77
(Updated on May 09, 2024)

002155.SZ Signals & Forecast

Mostly positive signals in the chart today. The Hunan Gold Corp Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 ¥16.53 and ¥14.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 28.76%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Hunan Gold Corp Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at ¥15.64 and ¥15.08. There is a 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, Hunan Gold Corp Ltd finds support just below today's level at ¥15.64. If this is broken, then the next support from accumulated volume will be at ¥15.08 and ¥13.69.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ¥2.07 between high and low, or 13.18%. For the last week, the stock has had daily average volatility of 10.84%.

The Hunan Gold Corp Ltd stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ¥16.94 (-2.98%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (002155.SZ) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Hunan Gold Corp Ltd to open at ¥16.98, and during the day (based on 14 day Average True Range), to move between ¥16.28 and ¥18.64, which gives a possible trading interval of +/-¥1.18 (+/-6.77%) up or down from last closing price. If Hunan Gold Corp Ltd takes out the full calculated possible swing range there will be an estimated 13.53% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ¥15.64, some ¥1.82 (10.42%) from the current price of ¥17.46, our system finds the risk reward attractive.

Is Hunan Gold Corp Ltd stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Hunan Gold Corp Ltd stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.438 Buy Candidate Upgraded

Predicted Opening Price for Hunan Gold Corp Ltd of Friday, May 10, 2024

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