CStone Pharmaceuticals Stock Forecast
CStone Pharmaceuticals stock price ended at HK$1.14 on Friday, after gaining 2.70%.
(Updated on Jun 28, 2024)
The CStone Pharmaceuticals stock price gained 2.70% on the last trading day (Friday, 28th Jun 2024), rising from HK$1.11 to HK$1.14. During the last trading day the stock fluctuated 6.42% from a day low at HK$1.09 to a day high of HK$1.16. The price has risen in 5 of the last 10 days and is up by 5.56% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 372 thousand shares were bought and sold for approximately HK$423.51 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$1.09 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 28.96% during the next 3 months and, with a 90% probability hold a price between HK$1.41 and HK$2.03 at the end of this 3-month period.
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2616.HK Signals & Forecast
There are mixed signals in the stock today. The CStone Pharmaceuticals stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$1.18. On a fall, the stock will find some support from the short-term average at HK$1.10. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -19.72%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CStone Pharmaceuticals stock
CStone Pharmaceuticals finds support from accumulated volume at HK$1.10 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved HK$0.0700 between high and low, or 6.42%. For the last week the stock has had daily average volatility of 6.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (2616.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect CStone Pharmaceuticals to open at HK$1.13, and during the day (based on 14 day Average True Range), to move between HK$1.06 and HK$1.22, which gives a possible trading interval of +/-HK$0.0761 (+/-6.68%) up or down from last closing price. If CStone Pharmaceuticals takes out the full calculated possible swing range there will be an estimated 13.36% 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$1.16 (1.75%) than the support at HK$1.10 (3.51%), 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 CStone Pharmaceuticals stock A Buy?
CStone Pharmaceuticals holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.735 Sell Candidate Unchanged
Predicted Opening Price for CStone Pharmaceuticals of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$1.13 ( 0.88%) | HK$1.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2616.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.20 | 5.26% |
| R2 | 1.17 | 2.92% |
| R1 | 1.16 | 1.47% |
| Price | 1.14 | |
| S1 | 1.10 | -3.22% |
| S2 | 1.09 | -4.67% |
| S3 | 1.06 | -7.02% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.27 | 11.40% |
| R2 | 1.24 | 8.77% |
| R1 | 1.16 | 1.75% |
| Price | 1.14 | |
| S1 | 1.10 | -3.51% |
| S2 | 1.09 | -4.39% |
| S3 | 1.08 | -5.26% |
FAQ
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