Glorious Sun Enterprises Limited Stock Forecast

Glorious Sun Enterprises Limited stock upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.
(Updated on May 13, 2024)

0393.HK Signals & Forecast

The Glorious Sun Enterprises 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$0.89 and HK$0.85. 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 10, 2024, and so far it has fallen -1.06%. 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. The stock had a Golden Star Signal on Wednesday, March 27, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Glorious Sun Enterprises Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.85 and HK$0.84. 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, Glorious Sun Enterprises Limited finds support just below today's level at HK$0.85. If this is broken, then the next support from accumulated volume will be at HK$0.84 and HK$0.83.

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$0.0300 between high and low, or 3.30%. For the last week the stock has had daily average volatility of 4.34%.

The Glorious Sun Enterprises Limited 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: HK$0.89 (-3.80%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (0393.HK) For The Upcoming Trading Day Of Tuesday 14th

For the upcoming trading day on Tuesday, 14th we expect Glorious Sun Enterprises Limited to open at HK$0.93, and during the day (based on 14 day Average True Range), to move between HK$0.91 and HK$0.95, which gives a possible trading interval of +/-HK$0.0216 (+/-2.32%) up or down from last closing price. If Glorious Sun Enterprises Limited takes out the full calculated possible swing range there will be an estimated 4.65% 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$0.94 (1.08%) than the support at HK$0.85 (8.60%), 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 Glorious Sun Enterprises 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 Glorious Sun Enterprises 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: 1.834 Buy Candidate Upgraded

Predicted Opening Price for Glorious Sun Enterprises Limited of Tuesday, May 14, 2024

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