CGN Power Co., Ltd. Stock Forecast

CGN Power Co., Ltd. stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 30, 2024)

1816.HK Signals & Forecast

The CGN Power Co., Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$2.65. On a fall, the stock will find some support from the long-term average at approximately HK$2.46. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. 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 Thursday, April 25, 2024, and so far it has fallen -3.66%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Monday, August 28, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for CGN Power Co., Ltd. stock

CGN Power Co., Ltd. finds support from accumulated volume at HK$2.61 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$0.0500 between high and low, or 1.91%. For the last week, the stock has had daily average volatility of 3.60%.

Our recommended stop-loss: HK$2.50 (-4.99%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (1816.HK) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect CGN Power Co., Ltd. to open at HK$2.64, and during the day (based on 14 day Average True Range), to move between HK$2.54 and HK$2.72, which gives a possible trading interval of +/-HK$0.0863 (+/-3.28%) up or down from last closing price. If CGN Power Co., Ltd. takes out the full calculated possible swing range there will be an estimated 6.56% 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$2.64 (0.38%) than the support at HK$2.61 (0.76%), 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 CGN Power Co., Ltd. stock A Buy?

CGN Power Co., Ltd. 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. 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 Hold/Accumulate candidate.

Current score: 0.080 Hold/Accumulate Downgraded

Predicted Opening Price for CGN Power Co., Ltd. of Thursday, May 2, 2024

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