Union Medical Healthcare Limited Stock Forecast

Green day on Friday for Union Medical Healthcare Limited
(Updated on May 10, 2024)

2138.HK Signals & Forecast

Mostly positive signals in the chart today. The Union Medical Healthcare Limited 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$1.41 and HK$1.32. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 25.21%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Union Medical Healthcare Limited stock

Union Medical Healthcare Limited finds support from accumulated volume at HK$1.47 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$0.130 between high and low, or 9.03%. For the last week, the stock has had daily average volatility of 8.84%.

The Union Medical Healthcare Limited stock is extremely overbought on RSI14 (80). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: HK$1.44 (-3.39%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 17 days ago.)

Trading Expectations (2138.HK) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Union Medical Healthcare Limited to open at HK$1.50, and during the day (based on 14 day Average True Range), to move between HK$1.39 and HK$1.59, which gives a possible trading interval of +/-HK$0.0962 (+/-6.45%) up or down from last closing price. If Union Medical Healthcare Limited takes out the full calculated possible swing range there will be an estimated 12.91% 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$1.51 (1.34%) than the support at HK$1.47 (1.34%), 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 Union Medical Healthcare Limited stock A Buy?

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.

Current score: 3.170 Buy Candidate Unchanged

Predicted Opening Price for Union Medical Healthcare Limited of Monday, May 13, 2024

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