SinoMab Bioscience Ltd Stock Forecast
SinoMab Bioscience Ltd stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 17, 2024)
The SinoMab Bioscience Ltd stock price fell by -0.559% on the last day (Friday, 17th May 2024) from HK$1.79 to HK$1.78. During the last trading day the stock fluctuated 9.70% from a day low at HK$1.65 to a day high of HK$1.81. The price has fallen in 6 of the last 10 days and is down by -6.32% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -95 thousand shares and in total, 14 thousand shares were bought and sold for approximately HK$25.10 thousand.
The stock lies in the lower part of a 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$1.77 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 46.68% during the next 3 months and, with a 90% probability hold a price between HK$2.59 and HK$3.12 at the end of this 3-month period.
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3681.HK Signals & Forecast
There are few to no technical positive signals at the moment. The SinoMab Bioscience Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at HK$1.81 and HK$1.78. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -7.77%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for SinoMab Bioscience Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$1.57 and HK$1.47. 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, SinoMab Bioscience Ltd finds support just below today's level at HK$1.57. If this is broken, then the next support from accumulated volume will be at HK$1.47 and HK$1.45.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved HK$0.160 between high and low, or 9.70%. For the last week the stock has had daily average volatility of 9.21%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (3681.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect SinoMab Bioscience Ltd to open at HK$1.75, and during the day (based on 14 day Average True Range), to move between HK$1.68 and HK$1.88, which gives a possible trading interval of +/-HK$0.0952 (+/-5.35%) up or down from last closing price. If SinoMab Bioscience Ltd takes out the full calculated possible swing range there will be an estimated 10.69% 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$1.81 (1.69%) than the support at HK$1.57 (11.80%), 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 SinoMab Bioscience Ltd stock A Buy?
The SinoMab Bioscience Ltd stock holds several negative signals and despite the positive trend, we believe SinoMab Bioscience Ltd will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.359 Sell Candidate Downgraded
Predicted Opening Price for SinoMab Bioscience Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$1.75 ( 1.87%) | HK$1.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3681.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.91 | 7.12 % | |
| R2 | 1.85 | 3.68 % | ||
| R1 | 1.81 | 1.56 % | ||
| Current price: | 1.78 | |||
| Support | S1 | 1.69 | -5.31 % | |
| S2 | 1.65 | -7.43 % | ||
| S3 | 1.59 | -10.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.90 | 6.74 % | |
| R2 | 1.89 | 6.18 % | ||
| R1 | 1.81 | 1.69 % | ||
| Current price | 1.78 | |||
| Support | S1 | 1.57 | -11.80% | |
| S2 | 1.47 | -17.42% | ||
| S3 | 1.45 | -18.54% |
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