Macau Legend Development Limited Stock Forecast

Macau Legend Development Limited stock price ended at HK$0.170 on Thursday, after gaining 2.41%.
(Updated on Jun 20, 2024)

1680.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, May 27, 2024, and so far it has risen 14.09%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Macau Legend Development Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$0.172. On a fall, the stock will find some support from the short-term average at HK$0.164. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Macau Legend Development Limited stock

Macau Legend Development Limited finds support from accumulated volume at HK$0.166 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved HK$0.0070 between high and low, or 4.17%. For the last week the stock has had daily average volatility of 4.75%.

Our recommended stop-loss: HK$0.163 (-4.39%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)

Trading Expectations (1680.HK) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect Macau Legend Development Limited to open at HK$0.171, and during the day (based on 14 day Average True Range), to move between HK$0.161 and HK$0.179, which gives a possible trading interval of +/-HK$0.0094 (+/-5.53%) up or down from last closing price. If Macau Legend Development Limited takes out the full calculated possible swing range there will be an estimated 11.05% 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$0.166 (2.35%) than the resistance at HK$0.179 (5.29%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Macau Legend Development Limited stock A Buy?

Macau Legend Development Limited 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: 0.983 Hold/Accumulate Unchanged

Predicted Opening Price for Macau Legend Development Limited of Friday, June 21, 2024

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