LifeTech Scientific Corporation Stock Forecast
Red day on Tuesday for LifeTech Scientific Corporation stock after losing 1.03%
(Updated on May 14, 2024)
The LifeTech Scientific Corporation stock price fell by -1.03% on the last day (Tuesday, 14th May 2024) from HK$1.95 to HK$1.93. During the last trading day the stock fluctuated 3.14% from a day low at HK$1.91 to a day high of HK$1.97. The price has risen in 7 of the last 10 days and is up by 14.2% over the past 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 -11 million shares and in total, 7 million shares were bought and sold for approximately HK$12.72 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$1.95 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -12.34% during the next 3 months and, with a 90% probability hold a price between HK$1.32 and HK$1.71 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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1302.HK Signals & Forecast
The LifeTech Scientific Corporation 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$1.81 and HK$1.72. 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 Monday, May 13, 2024, and so far it has fallen -1.03%. Further fall is indicated until a new bottom pivot has been found. 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 LifeTech Scientific Corporation stock
LifeTech Scientific Corporation finds support from accumulated volume at HK$1.87 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$0.0600 between high and low, or 3.14%. For the last week, the stock has had daily average volatility of 5.47%.
The LifeTech Scientific Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: HK$1.86 (-3.85%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (1302.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect LifeTech Scientific Corporation to open at HK$1.94, and during the day (based on 14 day Average True Range), to move between HK$1.85 and HK$2.01, which gives a possible trading interval of +/-HK$0.0788 (+/-4.08%) up or down from last closing price. If LifeTech Scientific Corporation takes out the full calculated possible swing range there will be an estimated 8.17% 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$1.95 (1.04%) than the support at HK$1.87 (3.11%), 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 LifeTech Scientific Corporation stock A Buy?
LifeTech Scientific Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.939 Hold/Accumulate Unchanged
Predicted Opening Price for LifeTech Scientific Corporation of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| HK$1.94 ( 0.345%) | HK$1.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1302.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.00 | 3.45 % | |
| R2 | 1.97 | 2.27 % | ||
| R1 | 1.96 | 1.53 % | ||
| Current price: | 1.93 | |||
| Support | S1 | 1.91 | -0.84 % | |
| S2 | 1.90 | -1.58 % | ||
| S3 | 1.88 | -2.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.00 | 3.63 % | |
| R2 | 1.99 | 3.11 % | ||
| R1 | 1.95 | 1.04 % | ||
| Current price | 1.93 | |||
| Support | S1 | 1.87 | -3.11% | |
| S2 | 1.86 | -3.63% | ||
| S3 | 1.76 | -8.81% |
FAQ
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