iDreamSky Technology Holdings Limited Stock Forecast
iDreamSky Technology Holdings Limited stock downgraded to Sell Candidate
(Updated on Jun 20, 2024)
The iDreamSky Technology Holdings Limited stock price fell by -4.26% on the last day (Thursday, 20th Jun 2024) from HK$3.05 to HK$2.92. During the last trading day the stock fluctuated 6.16% from a day low at HK$2.92 to a day high of HK$3.10. The price has been going up and down for this period, and there has been a -2.01% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -8 million shares and in total, 3 million shares were bought and sold for approximately HK$9.23 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$2.90 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 34.67% during the next 3 months and, with a 90% probability hold a price between HK$3.90 and HK$4.61 at the end of this 3-month period.
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1119.HK Signals & Forecast
There are few to no technical positive signals at the moment. The iDreamSky Technology Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$2.98 and HK$3.01. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 27, 2024, and so far it has fallen -7.89%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for iDreamSky Technology Holdings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$2.56 and HK$2.47. 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, iDreamSky Technology Holdings Limited finds support just below today's level at HK$2.56. If this is broken, then the next support from accumulated volume will be at HK$2.47 and HK$2.31.
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$0.180 between high and low, or 6.16%. For the last week, the stock has had daily average volatility of 4.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1119.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect iDreamSky Technology Holdings Limited to open at HK$2.98, and during the day (based on 14 day Average True Range), to move between HK$2.78 and HK$3.06, which gives a possible trading interval of +/-HK$0.138 (+/-4.72%) up or down from last closing price. If iDreamSky Technology Holdings Limited takes out the full calculated possible swing range there will be an estimated 9.43% 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$2.94 (0.68%) than the support at HK$2.56 (12.33%), 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.
Earnings coming up
iDreamSky Technology Holdings Limited will release earnings BMO on Friday, June 28, 2024. We will update the financials statements for iDreamSky Technology Holdings Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.81% in the first trading day after earnings release.
Is iDreamSky Technology Holdings Limited stock A Buy?
The iDreamSky Technology Holdings Limited stock holds several negative signals and despite the positive trend, we believe iDreamSky Technology Holdings Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.337 Sell Candidate Downgraded
Predicted Opening Price for iDreamSky Technology Holdings Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$2.98 ( 2.05%) | HK$2.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1119.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.16 | 8.22% |
| R2 | 3.09 | 5.86% |
| R1 | 3.05 | 4.41% |
| Price | 2.92 | |
| S1 | 2.91 | -0.300% |
| S2 | 2.87 | -1.75% |
| S3 | 2.80 | -4.11% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.06 | 4.79% |
| R2 | 3.05 | 4.45% |
| R1 | 2.94 | 0.685% |
| Price | 2.92 | |
| S1 | 2.56 | -12.33% |
| S2 | 2.47 | -15.41% |
| S3 | 2.31 | -20.89% |
FAQ
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