Chiho Environmental Group Limited Stock Forecast

Weaker technical forecast for Chiho Environmental Group Limited as stock downgraded to Buy Candidate.
(Updated on May 17, 2024)

0976.HK Signals & Forecast

The Chiho Environmental Group 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$0.597 and HK$0.554. 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 Wednesday, March 20, 2024, and so far it has fallen -22.35%. 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 Chiho Environmental Group Limited stock

Chiho Environmental Group Limited finds support from accumulated volume at HK$0.650 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved HK$0.0200 between high and low, or 3.03%. For the last week the stock has had daily average volatility of 11.00%.

Our recommended stop-loss: HK$0.624 (-5.52%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 37 days ago.)

Trading Expectations (0976.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Chiho Environmental Group Limited to open at HK$0.667, and during the day (based on 14 day Average True Range), to move between HK$0.624 and HK$0.696, which gives a possible trading interval of +/-HK$0.0359 (+/-5.44%) up or down from last closing price. If Chiho Environmental Group Limited takes out the full calculated possible swing range there will be an estimated 10.88% 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$0.670 (1.52%) than the support at HK$0.650 (1.52%), 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 Chiho Environmental Group 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 Chiho Environmental Group Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 3.176 Buy Candidate Downgraded

Predicted Opening Price for Chiho Environmental Group Limited of Monday, May 20, 2024

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