CITIC Telecom International Holdings Ltd Stock Forecast

CITIC Telecom International Holdings Ltd stock upgraded to Buy Candidate.
(Updated on May 17, 2024)

1883.HK Signals & Forecast

Mostly positive signals in the chart today. The CITIC Telecom International Holdings 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$2.79 and HK$2.64. 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 13.10%. 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 is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for CITIC Telecom International Holdings Ltd stock

CITIC Telecom International Holdings Ltd finds support from accumulated volume at HK$2.74 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 1.78%. For the last week, the stock has had daily average volatility of 1.58%.

The CITIC Telecom International Holdings 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. 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$2.75 (-3.36%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 32 days ago.)

Trading Expectations (1883.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect CITIC Telecom International Holdings Limited to open at HK$2.84, and during the day (based on 14 day Average True Range), to move between HK$2.80 and HK$2.90, which gives a possible trading interval of +/-HK$0.0495 (+/-1.74%) up or down from last closing price. If CITIC Telecom International Holdings Limited takes out the full calculated possible swing range there will be an estimated 3.47% 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$2.88 (1.05%) than the support at HK$2.74 (3.86%), 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 CITIC Telecom International Holdings Limited stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 2.894 Buy Candidate Upgraded

Predicted Opening Price for CITIC Telecom International Holdings Limited of Monday, May 20, 2024

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