China Everbright International Limited Stock Forecast

China Everbright International Limited stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on May 22, 2024)

0257.HK Signals & Forecast

The China Everbright International Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$3.65. On a fall, the stock will find some support from the long-term average at approximately HK$3.29. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, May 14, 2024, and so far it has fallen -4.02%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for China Everbright International Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$3.04 and HK$2.95. 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, China Everbright International Limited finds support just below today's level at HK$3.04. If this is broken, then the next support from accumulated volume will be at HK$2.95 and HK$2.91.

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$0.120 between high and low, or 3.38%. For the last week, the stock has had daily average volatility of 3.19%.

Our recommended stop-loss: HK$3.44 (-3.90%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 24 days ago.)

Trading Expectations (0257.HK) For The Upcoming Trading Day Of Thursday 23rd

For the upcoming trading day on Thursday, 23rd we expect China Everbright International Limited to open at HK$3.60, and during the day (based on 14 day Average True Range), to move between HK$3.46 and HK$3.70, which gives a possible trading interval of +/-HK$0.123 (+/-3.44%) up or down from last closing price. If China Everbright International Limited takes out the full calculated possible swing range there will be an estimated 6.89% 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$3.59 (0.28%) than the support at HK$3.04 (15.08%), 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 China Everbright International 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 China Everbright International 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: 1.345 Buy Candidate Upgraded

Predicted Opening Price for China Everbright International Limited of Thursday, May 23, 2024

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