Jiangxi Bank Co., Ltd. Stock Forecast

Is Jiangxi Bank Co., Ltd. stock still a buy after falling -5.06% on Tuesday?
(Updated on May 14, 2024)

1916.HK Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -9.64%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Jiangxi Bank Co., Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The Jiangxi Bank 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$0.750 and HK$0.747. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for Jiangxi Bank Co., Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.710 and HK$0.700. 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, Jiangxi Bank Co., Ltd. finds support just below today's level at HK$0.710. If this is broken, then the next support from accumulated volume will be at HK$0.700 and HK$0.690.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.0500 (6.67%) between high and low. For the last week, the stock has had daily average volatility of 4.63%.

Our recommended stop-loss: HK$0.722 (-3.71%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)

Trading Expectations (1916.HK) For The Upcoming Trading Day Of Thursday 16th

For the upcoming trading day on Thursday, 16th we expect Jiangxi Bank Co., Ltd. to open at HK$0.767, and during the day (based on 14 day Average True Range), to move between HK$0.708 and HK$0.792, which gives a possible trading interval of +/-HK$0.0421 (+/-5.61%) up or down from last closing price. If Jiangxi Bank Co., Ltd. takes out the full calculated possible swing range there will be an estimated 11.23% 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$0.780 (4.00%) than the support at HK$0.710 (5.33%), 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 Jiangxi Bank Co., Ltd. stock A Buy?

Jiangxi Bank 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: 0.672 Hold/Accumulate Downgraded

Predicted Opening Price for Jiangxi Bank Co., Ltd. of Thursday, May 16, 2024

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