Maoyan Entertainment Stock Forecast
Weaker technical forecast for Maoyan Entertainment as stock downgraded to Sell Candidate.
(Updated on Jun 19, 2024)
The Maoyan Entertainment stock price gained 2.28% on the last trading day (Wednesday, 19th Jun 2024), rising from HK$8.77 to HK$8.97. During the last trading day the stock fluctuated 3.99% from a day low at HK$8.77 to a day high of HK$9.12. The price has been going up and down for this period, and there has been a 2.05% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 169 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately HK$11.38 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -11.08% during the next 3 months and, with a 90% probability hold a price between HK$7.34 and HK$8.58 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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1896.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 12, 2024, and so far it has risen 7.30%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Maoyan Entertainment stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$9.24. On a fall, the stock will find some support from the short-term average at HK$8.75. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Maoyan Entertainment stock
Maoyan Entertainment finds support from accumulated volume at HK$8.88 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$0.350 between high and low, or 3.99%. For the last week, the stock has had daily average volatility of 4.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1896.HK) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Maoyan Entertainment to open at HK$8.95, and during the day (based on 14 day Average True Range), to move between HK$8.61 and HK$9.33, which gives a possible trading interval of +/-HK$0.358 (+/-3.99%) up or down from last closing price. If Maoyan Entertainment takes out the full calculated possible swing range there will be an estimated 7.99% 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$8.88 (1.00%) than the resistance at HK$9.76 (8.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Maoyan Entertainment stock A Buy?
Maoyan Entertainment holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.193 Sell Candidate Downgraded
Predicted Opening Price for Maoyan Entertainment of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| HK$8.95 ( 0.186%) | HK$8.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1896.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.30 | 3.72% |
| R2 | 9.17 | 2.23% |
| R1 | 9.09 | 1.30% |
| Price | 8.97 | |
| S1 | 8.82 | -1.68% |
| S2 | 8.74 | -2.60% |
| S3 | 8.60 | -4.09% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.68 | 19.06% |
| R2 | 9.90 | 10.37% |
| R1 | 9.76 | 8.81% |
| Price | 8.97 | |
| S1 | 8.88 | -1.00% |
| S2 | 8.75 | -2.45% |
| S3 | 8.71 | -2.90% |
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