IRICO Group New Energy Company Limited Stock Forecast

Red day on Friday for IRICO Group New Energy Company Limited stock after losing 0%
(Updated on Apr 26, 2024)

0438.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". Some negative signals were issued as well, and these may have some influence on the near short-term development. The IRICO Group New Energy Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$2.93 and HK$2.98. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for IRICO Group New Energy Company Limited stock

IRICO Group New Energy Company Limited finds support from accumulated volume at HK$2.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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$0.110 between high and low, or 3.94%. For the last week, the stock has had daily average volatility of 2.56%.

Our recommended stop-loss: HK$2.72 (-6.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (0438.HK) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect IRICO Group New Energy Company Limited to open at HK$2.86, and during the day (based on 14 day Average True Range), to move between HK$2.79 and HK$3.01, which gives a possible trading interval of +/-HK$0.109 (+/-3.75%) up or down from last closing price. If IRICO Group New Energy Company Limited takes out the full calculated possible swing range there will be an estimated 7.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$2.88 (0.69%) than the resistance at HK$3.08 (6.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is IRICO Group New Energy Company Limited stock A Buy?

IRICO Group New Energy Company Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for IRICO Group New Energy Company Limited of Monday, April 29, 2024

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