SinoMedia Holding Limited Stock Forecast

Red day on Monday for SinoMedia Holding Limited
(Updated on May 20, 2024)

0623.HK Signals & Forecast

The SinoMedia Holding 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$1.14 and HK$1.06. 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 17, 2024, and so far it has fallen -1.71%. 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.

Support, Risk & Stop-loss for SinoMedia Holding Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$1.04 and HK$1.02. 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, SinoMedia Holding Limited 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$1.02 and HK$0.94.

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 2.61%. For the last week the stock has had daily average volatility of 2.65%.

Our recommended stop-loss: HK$1.10 (-4.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (0623.HK) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect SinoMedia Holding Limited to open at HK$1.16, and during the day (based on 14 day Average True Range), to move between HK$1.12 and HK$1.18, which gives a possible trading interval of +/-HK$0.0296 (+/-2.57%) up or down from last closing price. If SinoMedia Holding Limited takes out the full calculated possible swing range there will be an estimated 5.14% 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$1.17 (1.74%) than the support at HK$1.04 (9.57%), 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 SinoMedia Holding 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 SinoMedia Holding Limited stock to perform well in the short-term.

Current score: 3.039 Buy Candidate Unchanged

Predicted Opening Price for SinoMedia Holding Limited of Tuesday, May 21, 2024

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