Eminence Enterprise Limited Stock Forecast
Green day on Friday for Eminence Enterprise Limited
(Updated on May 17, 2024)
The Eminence Enterprise Limited stock price gained 2.73% on the last trading day (Friday, 17th May 2024), rising from HK$0.220 to HK$0.226. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 6.33% from a day low at HK$0.221 to a day high of HK$0.235. The price has risen in 8 of the last 10 days and is up by 22.16% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 898 thousand more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately HK$1.14 million.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$0.213, a level that may pose a second chance to hit a runner. According to fan-theory HK$0.270 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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0616.HK Signals & Forecast
Mostly positive signals in the chart today. The Eminence Enterprise 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$0.207 and HK$0.201. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 32.94%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Eminence Enterprise Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Eminence Enterprise Limited stock
Eminence Enterprise Limited finds support from accumulated volume at HK$0.215 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$0.0140 between high and low, or 6.33%. For the last week, the stock has had daily average volatility of 7.19%.
The Eminence Enterprise Limited stock is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Eminence Enterprise Limited has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: HK$0.219 (-3.24%) (This stock has high daily movements and this gives high risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (0616.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Eminence Enterprise Limited to open at HK$0.227, and during the day (based on 14 day Average True Range), to move between HK$0.213 and HK$0.239, which gives a possible trading interval of +/-HK$0.0128 (+/-5.68%) up or down from last closing price. If Eminence Enterprise Limited takes out the full calculated possible swing range there will be an estimated 11.36% 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$0.237 (4.87%) than the support at HK$0.215 (4.87%), 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 Eminence Enterprise Limited stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 4.546 Buy Candidate Unchanged
Predicted Opening Price for Eminence Enterprise Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$0.227 ( 0.590%) | HK$0.226 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0616.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.241 | 6.78 % | |
| R2 | 0.236 | 4.42 % | ||
| R1 | 0.233 | 2.96 % | ||
| Current price: | 0.226 | |||
| Support | S1 | 0.222 | -1.78 % | |
| S2 | 0.219 | -3.24 % | ||
| S3 | 0.213 | -5.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.255 | 12.83 % | |
| R2 | 0.240 | 6.19 % | ||
| R1 | 0.237 | 4.87 % | ||
| Current price | 0.226 | |||
| Support | S1 | 0.215 | -4.87% | |
| S2 | 0.200 | -11.50% | ||
| S3 | 0.187 | -17.26% |
FAQ
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