First Tractor Company Limited Stock Forecast

First Tractor Company Limited stock price ended at HK$7.55 on Wednesday, after losing 3.70%.
(Updated on Jun 26, 2024)

0038.HK Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Tractor Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$7.96 and HK$8.49. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -18.38%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for First Tractor Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$7.04 and HK$6.43. 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, First Tractor Company Limited finds support just below today's level at HK$7.04. If this is broken, then the next support from accumulated volume will be at HK$6.43 and HK$6.10.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved HK$0.400 between high and low, or 5.38%. For the last week, the stock has had daily average volatility of 5.23%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (0038.HK) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect First Tractor Company Limited to open at HK$7.60, and during the day (based on 14 day Average True Range), to move between HK$7.18 and HK$7.92, which gives a possible trading interval of +/-HK$0.374 (+/-4.95%) up or down from last closing price. If First Tractor Company Limited takes out the full calculated possible swing range there will be an estimated 9.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$7.04 (6.75%) than the resistance at HK$8.10 (7.28%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is First Tractor Company Limited stock A Buy?

The First Tractor Company Limited stock holds several negative signals and despite the positive trend, we believe First Tractor Company Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.786 Sell Candidate Unchanged

Predicted Opening Price for First Tractor Company Limited of Thursday, June 27, 2024

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