Hongbo Co Ltd Stock Forecast

Big movements in Hongbo Co Ltd stock price on Friday moving 10.77% between high and low
(Updated on Apr 26, 2024)

002229.SZ Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 13.84%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Hongbo Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ¥24.04. On a fall, the stock will find some support from the short-term average at ¥17.53. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Hongbo Co Ltd stock

Hongbo Co Ltd finds support from accumulated volume at ¥18.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ¥1.89 between high and low, or 10.77%. For the last week, the stock has had daily average volatility of 8.26%.

Our recommended stop-loss: ¥17.93 (-4.40%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (002229.SZ) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Hongbo Co Ltd to open at ¥18.58, and during the day (based on 14 day Average True Range), to move between ¥16.22 and ¥21.28, which gives a possible trading interval of +/-¥2.53 (+/-13.51%) up or down from last closing price. If Hongbo Co Ltd takes out the full calculated possible swing range there will be an estimated 27.02% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ¥18.40 (1.87%) than the resistance at ¥20.61 (9.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Hongbo Co Ltd stock A Buy?

Hongbo Co Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.082 Hold/Accumulate Upgraded

Predicted Opening Price for Hongbo Co Ltd of Monday, April 29, 2024

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