IMAX China Holding, Inc. Stock Forecast

IMAX China Holding, Inc. stock downgraded to Hold/Accumulate
(Updated on Jun 13, 2024)

1970.HK Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -1.38%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The IMAX China Holding, Inc. 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$8.53 and HK$7.93. A breakdown below any of these levels will issue sell signals. The stock had a Golden Star Signal on Monday, April 29, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for IMAX China Holding, Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$8.00 and HK$7.50. 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, IMAX China Holding, Inc. finds support just below today's level at HK$8.00. If this is broken, then the next support from accumulated volume will be at HK$7.50 and HK$7.11.

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$0.200 between high and low, or 2.33%. For the last week, the stock has had daily average volatility of 3.06%.

Our recommended stop-loss: HK$8.34 (-3.05%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)

Trading Expectations (1970.HK) For The Upcoming Trading Day Of Friday 14th

For the upcoming trading day on Friday, 14th we expect IMAX China Holding, Inc. to open at HK$8.67, and during the day (based on 14 day Average True Range), to move between HK$8.35 and HK$8.85, which gives a possible trading interval of +/-HK$0.247 (+/-2.87%) up or down from last closing price. If IMAX China Holding, Inc. takes out the full calculated possible swing range there will be an estimated 5.75% 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$8.70 (1.16%) than the support at HK$8.00 (6.98%), 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 IMAX China Holding, Inc. stock A Buy?

IMAX China Holding, Inc. 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: 0.488 Hold/Accumulate Downgraded

Predicted Opening Price for IMAX China Holding, Inc. of Friday, June 14, 2024

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