New Times Energy Corporation Limited Stock Forecast

New Times Energy Corporation Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)

0166.HK Signals & Forecast

The New Times Energy Corporation Limited 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 HK$0.0831 and HK$0.0818. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -13.40%. Further fall is indicated until a new bottom pivot has been found. 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.

Support, Risk & Stop-loss for New Times Energy Corporation Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.0700 and HK$0.0670. 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, New Times Energy Corporation Limited finds support just below today's level at HK$0.0700. If this is broken, then the next support from accumulated volume will be at HK$0.0670 and HK$0.0660.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved HK$0.0040 between high and low, or 4.88%. For the last week the stock has had daily average volatility of 24.40%.

Our recommended stop-loss: HK$0.0790 (-5.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 38 days ago.)

Trading Expectations (0166.HK) For The Upcoming Trading Day Of Monday 17th

For the upcoming trading day on Monday, 17th we expect New Times Energy Corporation Limited to open at HK$0.0840, and during the day (based on 14 day Average True Range), to move between HK$0.0736 and HK$0.0944, which gives a possible trading interval of +/-HK$0.0104 (+/-12.35%) up or down from last closing price. If New Times Energy Corporation Limited takes out the full calculated possible swing range there will be an estimated 24.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$0.0850 (1.19%) than the support at HK$0.0700 (16.67%), 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 New Times Energy Corporation Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for New Times Energy Corporation Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.013 Buy Candidate Upgraded

Predicted Opening Price for New Times Energy Corporation Limited of Monday, June 17, 2024

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