BMONASDAQ100ETF/UT HKD Stock Forecast

BMONASDAQ100ETF/UT HKD stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)

3086.HK Signals & Forecast

The BMONASDAQ100ETF/UT HKD 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$37.09 and HK$36.50. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, May 16, 2024, and so far it has fallen -0.317%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for BMONASDAQ100ETF/UT HKD stock

BMONASDAQ100ETF/UT HKD finds support from accumulated volume at HK$36.94 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.200 (0.532%) between high and low. For the last week, the stock has had daily average volatility of 0.278%.

The BMONASDAQ100ETF/UT HKD stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: HK$36.36 (-3.56%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (3086.HK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect BMONASDAQ100ETF/UT HKD to open at HK$37.71, and during the day (based on 14 day Average True Range), to move between HK$37.32 and HK$38.08, which gives a possible trading interval of +/-HK$0.377 (+/-1.00%) up or down from last closing price. If BMONASDAQ100ETF/UT HKD takes out the full calculated possible swing range there will be an estimated 2.00% 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$37.82 (0.32%) than the support at HK$36.94 (2.02%), 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 BMONASDAQ100ETF/UT HKD stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BMONASDAQ100ETF/UT HKD stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.608 Buy Candidate Upgraded

Predicted Opening Price for BMONASDAQ100ETF/UT HKD of Monday, May 20, 2024

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