EuroEyes International Eye Clinic Ltd Stock Forecast

EuroEyes International Eye Clinic Ltd stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on May 02, 2024)

1846.HK Signals & Forecast

Mostly positive signals in the chart today. The EuroEyes International Eye Clinic Ltd 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$5.06 and HK$4.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 27.40%. 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). EuroEyes International Eye Clinic Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for EuroEyes International Eye Clinic Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$4.70 and HK$4.65. 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, EuroEyes International Eye Clinic Ltd finds support just below today's level at HK$4.70. If this is broken, then the next support from accumulated volume will be at HK$4.65 and HK$4.56.

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$0.190 between high and low, or 3.53%. For the last week, the stock has had daily average volatility of 3.17%.

The EuroEyes International Eye Clinic Ltd 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 and the RSI is still moving upwards. 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$5.34 (-4.32%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (1846.HK) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect EuroEyes International Eye Clinic Ltd to open at HK$5.52, and during the day (based on 14 day Average True Range), to move between HK$5.45 and HK$5.71, which gives a possible trading interval of +/-HK$0.134 (+/-2.41%) up or down from last closing price. If EuroEyes International Eye Clinic Ltd takes out the full calculated possible swing range there will be an estimated 4.82% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$4.70, some HK$0.88 (15.77%) from the current price of HK$5.58, our system finds the risk reward attractive.

Is EuroEyes International Eye Clinic Ltd stock A Buy?

EuroEyes International Eye Clinic Ltd holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect EuroEyes International Eye Clinic Ltd stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.531 Strong Buy Candidate Upgraded

Predicted Opening Price for EuroEyes International Eye Clinic Ltd of Friday, May 3, 2024

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