Charmacy Pharmaceutical Co., Ltd. Stock Forecast

On Friday, Charmacy Pharmaceutical Co., Ltd. stock price gained an impressive 7.78%
(Updated on May 17, 2024)

2289.HK Signals & Forecast

The Charmacy Pharmaceutical 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$13.91 and HK$11.96. A breakdown below any of these levels will issue sell signals. Charmacy Pharmaceutical Co., Ltd. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -2.83%. 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).

Support, Risk & Stop-loss for Charmacy Pharmaceutical Co., Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$11.56 and HK$11.54. 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, Charmacy Pharmaceutical Co., Ltd. finds support just below today's level at HK$11.56. If this is broken, then the next support from accumulated volume will be at HK$11.54 and HK$11.30.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved HK$0.500 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 2.91%.

Our recommended stop-loss: HK$13.80 (-4.16%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 15 days ago.)

Trading Expectations (2289.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Charmacy Pharmaceutical Co., Ltd. to open at HK$14.23, and during the day (based on 14 day Average True Range), to move between HK$13.81 and HK$14.99, which gives a possible trading interval of +/-HK$0.587 (+/-4.08%) up or down from last closing price. If Charmacy Pharmaceutical Co., Ltd. takes out the full calculated possible swing range there will be an estimated 8.15% 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$14.82 (2.92%) than the support at HK$11.56 (19.72%), 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 Charmacy Pharmaceutical Co., Ltd. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Charmacy Pharmaceutical Co., Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.524 Buy Candidate Upgraded

Predicted Opening Price for Charmacy Pharmaceutical Co., Ltd. of Monday, May 20, 2024

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