Semiconductor Manufacturing Stock Forecast
Green day on Friday for Semiconductor Manufacturing
(Updated on May 03, 2024)
The Semiconductor Manufacturing stock price gained 1.01% on the last trading day (Friday, 3rd May 2024), rising from HK$15.84 to HK$16.00. During the last trading day the stock fluctuated 3.16% from a day low at HK$15.80 to a day high of HK$16.30. The price has risen in 7 of the last 10 days and is up by 10.19% 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, 6 million more shares were traded than the day before. In total, 16 million shares were bought and sold for approximately HK$255.56 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Semiconductor Manufacturing stock with a 90% probability to be traded between HK$13.68 and HK$16.71 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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0981.HK Signals & Forecast
Mostly positive signals in the chart today. The Semiconductor Manufacturing 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$15.51 and HK$15.39. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 14.12%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Semiconductor Manufacturing stock
Semiconductor Manufacturing finds support from accumulated volume at HK$15.84 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$0.500 between high and low, or 3.16%. For the last week, the stock has had daily average volatility of 3.53%.
Our recommended stop-loss: HK$15.44 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (0981.HK) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Semiconductor Manufacturing International Corporation to open at HK$16.03, and during the day (based on 14 day Average True Range), to move between HK$15.45 and HK$16.55, which gives a possible trading interval of +/-HK$0.549 (+/-3.43%) up or down from last closing price. If Semiconductor Manufacturing International Corporation takes out the full calculated possible swing range there will be an estimated 6.86% 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$15.84 (1.00%) than the resistance at HK$16.62 (3.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Semiconductor Manufacturing International Corporation will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.704. We will update the financials statements for Semiconductor Manufacturing International Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.78% in the first trading day after earnings release.
Is Semiconductor Manufacturing International Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Semiconductor Manufacturing stock to perform well in the short-term period.
Current score: 1.458 Buy Candidate Unchanged
Predicted Opening Price for Semiconductor Manufacturing International Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| HK$16.03 ( 0.208%) | HK$16.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0981.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.53 | 3.33 % | |
| R2 | 16.34 | 2.14 % | ||
| R1 | 16.22 | 1.40 % | ||
| Current price: | 16.00 | |||
| Support | S1 | 15.84 | -0.99 % | |
| S2 | 15.72 | -1.72 % | ||
| S3 | 15.53 | -2.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.04 | 6.50 % | |
| R2 | 16.78 | 4.88 % | ||
| R1 | 16.62 | 3.88 % | ||
| Current price | 16.00 | |||
| Support | S1 | 15.84 | -1.00% | |
| S2 | 14.52 | -9.25% | ||
| S3 | 14.12 | -11.75% |
FAQ
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