Cogobuy Group Stock Forecast

Cogobuy Group stock downgraded to Hold/Accumulate
(Updated on May 22, 2024)

0400.HK Signals & Forecast

The Cogobuy Group 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$1.08 and HK$1.05. 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 21, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Thursday, May 09, 2024 with a target of HK$1.08. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for Cogobuy Group stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$1.04 and HK$1.03. 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, Cogobuy Group finds support just below today's level at HK$1.04. If this is broken, then the next support from accumulated volume will be at HK$1.03 and HK$1.01.

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$0.0600 between high and low, or 5.36%. For the last week the stock has had daily average volatility of 7.57%.

Our recommended stop-loss: HK$1.08 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 26 days ago.)

Trading Expectations (0400.HK) For The Upcoming Trading Day Of Thursday 23rd

For the upcoming trading day on Thursday, 23rd we expect Cogobuy Group to open at HK$1.14, and during the day (based on 14 day Average True Range), to move between HK$1.06 and HK$1.18, which gives a possible trading interval of +/-HK$0.0620 (+/-5.54%) up or down from last closing price. If Cogobuy Group takes out the full calculated possible swing range there will be an estimated 11.07% 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$1.13 (0.89%) than the support at HK$1.04 (7.14%), 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 Cogobuy Group stock A Buy?

Cogobuy Group 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. 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 Hold/Accumulate candidate.

Current score: -0.746 Hold/Accumulate Downgraded

Predicted Opening Price for Cogobuy Group of Thursday, May 23, 2024

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