Shanghai Junshi Biosciences Co., Ltd. Stock Forecast
High volatility in Shanghai Junshi Biosciences Co., Ltd. stock price on Thursday which ended trading at HK$12.82
(Updated on May 02, 2024)
The Shanghai Junshi Biosciences Co., Ltd. stock price gained 9.01% on the last trading day (Thursday, 2nd May 2024), rising from HK$11.76 to HK$12.82. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 12.26% from a day low at HK$11.42 to a day high of HK$12.82. The price has risen in 8 of the last 10 days and is up by 32.03% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 907 thousand shares were bought and sold for approximately HK$11.63 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$10.52, a level that may pose a second chance to hit a runner.
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1877.HK Signals & Forecast
The Shanghai Junshi Biosciences Co., 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$10.83 and HK$10.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 38.74%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Shanghai Junshi Biosciences Co., Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$11.84 and HK$11.76. 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, Shanghai Junshi Biosciences Co., Ltd. finds support just below today's level at HK$11.84. If this is broken, then the next support from accumulated volume will be at HK$11.76 and HK$11.24.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$1.40 between high and low, or 12.26%. For the last week, the stock has had daily average volatility of 8.97%.
Since the Shanghai Junshi Biosciences Co., Ltd. has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: HK$12.43 (-3.02%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (1877.HK) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Shanghai Junshi Biosciences Co., Ltd. to open at HK$12.35, and during the day (based on 14 day Average True Range), to move between HK$12.14 and HK$13.50, which gives a possible trading interval of +/-HK$0.683 (+/-5.33%) up or down from last closing price. If Shanghai Junshi Biosciences Co., Ltd. takes out the full calculated possible swing range there will be an estimated 10.66% 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$13.06 (1.87%) than the support at HK$11.84 (7.64%), 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 Shanghai Junshi Biosciences Co., Ltd. stock A Buy?
Shanghai Junshi Biosciences 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Shanghai Junshi Biosciences Co., Ltd. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| HK$12.35 ( 3.64%) | HK$12.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1877.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.75 | 7.28 % | |
| R2 | 13.22 | 3.11 % | ||
| R1 | 12.89 | 0.531 % | ||
| Current price: | 12.82 | |||
| Support | S1 | 11.82 | -7.81 % | |
| S2 | 11.49 | -10.39 % | ||
| S3 | 10.95 | -14.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 13.06 | 1.87 % | ||
| Current price | 12.82 | |||
| Support | S1 | 11.84 | -7.64% | |
| S2 | 11.76 | -8.27% | ||
| S3 | 11.24 | -12.32% |
FAQ
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