Prosperous Industrial (Holdings) Limited Stock Forecast

Prosperous Industrial (Holdings) Limited stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on May 21, 2024)

1731.HK Signals & Forecast

The Prosperous Industrial (Holdings) Limited 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$0.699 and HK$0.661. 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 Tuesday, May 14, 2024, and so far it has fallen -4.11%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Support, Risk & Stop-loss for Prosperous Industrial (Holdings) Limited stock

Prosperous Industrial (Holdings) Limited finds support from accumulated volume at HK$0.680 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$0.0100 between high and low, or 1.45%. For the last week the stock has had daily average volatility of 3.71%.

Our recommended stop-loss: HK$0.670 (-4.28%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (1731.HK) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect Prosperous Industrial (Holdings) Limited to open at HK$0.697, and during the day (based on 14 day Average True Range), to move between HK$0.676 and HK$0.724, which gives a possible trading interval of +/-HK$0.0237 (+/-3.38%) up or down from last closing price. If Prosperous Industrial (Holdings) Limited takes out the full calculated possible swing range there will be an estimated 6.77% 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$0.680 (2.86%) than the resistance at HK$0.720 (2.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Prosperous Industrial (Holdings) Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Prosperous Industrial (Holdings) Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.309 Buy Candidate Upgraded

Predicted Opening Price for Prosperous Industrial (Holdings) Limited of Wednesday, May 22, 2024

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