BAIC Motor Corporation Limited Stock Forecast

BAIC Motor Corporation Limited stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 21, 2024)

1958.HK Signals & Forecast

The BAIC Motor Corporation Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$2.31. On a fall, the stock will find some support from the long-term average at approximately HK$2.24. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 7.51%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for BAIC Motor Corporation Limited stock

BAIC Motor Corporation Limited finds support from accumulated volume at HK$2.26 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$0.0800 between high and low, or 3.49%. For the last week, the stock has had daily average volatility of 2.34%.

Our recommended stop-loss: HK$2.20 (-3.98%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 38 days ago.)

Trading Expectations (1958.HK) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect BAIC Motor Corporation Limited to open at HK$2.32, and during the day (based on 14 day Average True Range), to move between HK$2.22 and HK$2.36, which gives a possible trading interval of +/-HK$0.0720 (+/-3.14%) up or down from last closing price. If BAIC Motor Corporation Limited takes out the full calculated possible swing range there will be an estimated 6.29% 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$2.30 (0.44%) than the support at HK$2.26 (1.31%), 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 BAIC Motor Corporation Limited stock A Buy?

BAIC Motor Corporation Limited 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: 0.291 Hold/Accumulate Downgraded

Predicted Opening Price for BAIC Motor Corporation Limited of Wednesday, May 22, 2024

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