BYD Electronic (International) Co Ltd Stock Forecast

BYD Electronic (International) Co Ltd stock downgraded to Sell Candidate
(Updated on May 08, 2024)

0285.HK Signals & Forecast

The BYD Electronic (International) Co Ltd 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$27.97 and HK$27.30. 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 Tuesday, May 07, 2024, and so far it has fallen -1.35%. 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 BYD Electronic (International) Co Ltd stock

BYD Electronic (International) Co Ltd finds support from accumulated volume at HK$28.85 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$2.15 between high and low, or 7.47%. For the last week, the stock has had daily average volatility of 5.97%.

The BYD Electronic (International) Co Ltd stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

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

Trading Expectations (0285.HK) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect BYD Electronic (International) Company Limited to open at HK$29.68, and during the day (based on 14 day Average True Range), to move between HK$27.93 and HK$30.67, which gives a possible trading interval of +/-HK$1.37 (+/-4.69%) up or down from last closing price. If BYD Electronic (International) Company Limited takes out the full calculated possible swing range there will be an estimated 9.38% 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$29.50 (0.68%) than the support at HK$28.85 (1.54%), 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 BYD Electronic (International) Company Limited stock A Buy?

BYD Electronic (International) Co Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.

Current score: -1.256 Sell Candidate Downgraded

Predicted Opening Price for BYD Electronic (International) Company Limited of Thursday, May 9, 2024

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