Alibaba Health Information Technology Stock Forecast
Alibaba Health Information Technology stock price down 3.05% on Monday
(Updated on May 06, 2024)
The Alibaba Health Information Technology stock price fell by -3.05% on the last day (Monday, 6th May 2024) from HK$3.28 to HK$3.18. During the last trading day the stock fluctuated 5.08% from a day low at HK$3.15 to a day high of HK$3.31. The price has risen in 6 of the last 10 days and is up by 21.84% over the past 2 weeks. Volume has increased on the last day by 34 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 88 million shares were bought and sold for approximately HK$278.67 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$3.27 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -17.04% during the next 3 months and, with a 90% probability hold a price between HK$2.07 and HK$2.71 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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0241.HK Signals & Forecast
The Alibaba Health Information Technology 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$3.06 and HK$3.03. 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 Friday, May 03, 2024, and so far it has fallen -3.05%. 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 Alibaba Health Information Technology stock
Alibaba Health Information Technology finds support from accumulated volume at HK$3.07 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 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 HK$0.160 between high and low, or 5.08%. For the last week, the stock has had daily average volatility of 6.67%.
Our recommended stop-loss: HK$3.06 (-3.74%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (0241.HK) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Alibaba Health Information Technology Limited to open at HK$3.21, and during the day (based on 14 day Average True Range), to move between HK$3.02 and HK$3.34, which gives a possible trading interval of +/-HK$0.160 (+/-5.03%) up or down from last closing price. If Alibaba Health Information Technology Limited takes out the full calculated possible swing range there will be an estimated 10.06% 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$3.24 (1.89%) than the support at HK$3.07 (3.46%), 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 Alibaba Health Information Technology Limited stock A Buy?
Alibaba Health Information Technology 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.
Current score: 0.523 Hold/Accumulate Unchanged
Predicted Opening Price for Alibaba Health Information Technology Limited of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| HK$3.21 ( 1.05%) | HK$3.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0241.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.37 | 6.08 % | |
| R2 | 3.31 | 4.16 % | ||
| R1 | 3.27 | 2.97 % | ||
| Current price: | 3.18 | |||
| Support | S1 | 3.15 | -0.87 % | |
| S2 | 3.11 | -2.06 % | ||
| S3 | 3.05 | -3.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.56 | 11.95 % | |
| R2 | 3.28 | 3.14 % | ||
| R1 | 3.24 | 1.89 % | ||
| Current price | 3.18 | |||
| Support | S1 | 3.07 | -3.46% | |
| S2 | 2.89 | -9.12% | ||
| S3 | 2.75 | -13.52% |
FAQ
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