Shanghai Henlius Biotech Inc Stock Forecast
Shanghai Henlius Biotech Inc stock upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Shanghai Henlius Biotech Inc stock price gained 2.88% on the last trading day (Wednesday, 24th Apr 2024), rising from HK$15.26 to HK$15.70. During the last trading day the stock fluctuated 4.90% from a day low at HK$15.10 to a day high of HK$15.84. The price has risen in 5 of the last 10 days and is up by 5.37% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 164 thousand more shares were traded than the day before. In total, 584 thousand shares were bought and sold for approximately HK$9.16 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.74% during the next 3 months and, with a 90% probability hold a price between HK$15.98 and HK$18.96 at the end of this 3-month period.
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2696.HK Signals & Forecast
Mostly positive signals in the chart today. The Shanghai Henlius Biotech 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$14.97 and HK$14.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 19, 2024, and so far it has risen 23.04%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Shanghai Henlius Biotech Inc stock
Shanghai Henlius Biotech Inc finds support from accumulated volume at HK$15.26 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$0.740 between high and low, or 4.90%. For the last week, the stock has had daily average volatility of 4.81%.
Our recommended stop-loss: HK$15.16 (-3.44%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 44 days ago.)
Trading Expectations (2696.HK) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Shanghai Henlius Biotech Inc to open at HK$15.55, and during the day (based on 14 day Average True Range), to move between HK$15.08 and HK$16.32, which gives a possible trading interval of +/-HK$0.620 (+/-3.95%) up or down from last closing price. If Shanghai Henlius Biotech Inc takes out the full calculated possible swing range there will be an estimated 7.90% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$15.26, some HK$0.440 (2.80%) from the current price of HK$15.70, our system finds the risk reward attractive.
Is Shanghai Henlius Biotech Inc stock A Buy?
Shanghai Henlius Biotech Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.913 Strong Buy Candidate Upgraded
Predicted Opening Price for Shanghai Henlius Biotech Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| HK$15.55 ( 0.98%) | HK$15.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2696.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.29 | 3.74 % | |
| R2 | 16.00 | 1.94 % | ||
| R1 | 15.83 | 0.82 % | ||
| Current price: | 15.70 | |||
| Support | S1 | 15.26 | -2.78 % | |
| S2 | 15.09 | -3.89 % | ||
| S3 | 14.81 | -5.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 15.70 | |||
| Support | S1 | 15.26 | -2.80% | |
| S2 | 15.10 | -3.82% | ||
| S3 | 14.54 | -7.39% |
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