Carpenter Tan Holdings Limited Stock Forecast

Carpenter Tan Holdings Limited stock upgraded to Buy Candidate.
(Updated on May 02, 2024)

0837.HK Signals & Forecast

The Carpenter Tan Holdings Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$5.35 and HK$5.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 4.48%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The stock had a Golden Star Signal on Friday, February 23, 2024 in the short-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 Carpenter Tan Holdings Limited stock

Carpenter Tan Holdings Limited finds support from accumulated volume at HK$5.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved HK$0.130 between high and low, or 2.48%. For the last week the stock has had daily average volatility of 3.51%

Our recommended stop-loss: HK$5.07 (-5.33%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (0837.HK) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Carpenter Tan Holdings Limited to open at HK$5.33, and during the day (based on 14 day Average True Range), to move between HK$5.22 and HK$5.50, which gives a possible trading interval of +/-HK$0.136 (+/-2.53%) up or down from last closing price. If Carpenter Tan Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.06% 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$5.41 (0.93%) than the support at HK$5.21 (2.80%), 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 Carpenter Tan Holdings 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 Carpenter Tan Holdings Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 2.185 Buy Candidate Upgraded

Predicted Opening Price for Carpenter Tan Holdings Limited of Friday, May 3, 2024

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