Hengan International Group Co Ltd Stock Forecast

Hengan International Group Co Ltd stock price ended at HK$28.95 on Thursday, after gaining 0.87%.
(Updated on May 16, 2024)

1044.HK Signals & Forecast

Mostly positive signals in the chart today. The Hengan International Group Co Ltd 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$28.20 and HK$25.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 20.37%. 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 Hengan International Group Co Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$25.65 and HK$25.05. 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, Hengan International Group Co Ltd finds support just below today's level at HK$25.65. If this is broken, then the next support from accumulated volume will be at HK$25.05 and HK$24.20.

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 1.76%. For the last week, the stock has had daily average volatility of 2.60%.

The Hengan International Group Co Ltd stock is extremely overbought on RSI14 (89). 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.

Our recommended stop-loss: HK$28.02 (-3.22%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 27 days ago.)

Trading Expectations (1044.HK) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Hengan International Group Company Limited to open at HK$28.78, and during the day (based on 14 day Average True Range), to move between HK$28.22 and HK$29.68, which gives a possible trading interval of +/-HK$0.727 (+/-2.51%) up or down from last closing price. If Hengan International Group Company Limited takes out the full calculated possible swing range there will be an estimated 5.02% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$25.65, some HK$3.30 (11.40%) from the current price of HK$28.95, our system finds the risk reward attractive.

Is Hengan International Group Company Limited stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Hengan International Group Co Ltd stock to perform well in the short-term period.

Current score: 3.469 Buy Candidate Unchanged

Predicted Opening Price for Hengan International Group Company Limited of Friday, May 17, 2024

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