Ming Fai International Holdings Limited Stock Forecast

Ming Fai International Holdings Limited stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Jun 06, 2024)

3828.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 1.52%. Further rise is indicated until a new top pivot has been found. Ming Fai International Holdings Limited 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ming Fai International Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.670 and HK$0.692. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Ming Fai International Holdings Limited stock

Ming Fai International Holdings Limited finds support from accumulated volume at HK$0.660 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$0.0200 between high and low, or 2.99%. For the last week, the stock has had daily average volatility of 0.90%.

Our recommended stop-loss: HK$0.628 (-6.24%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 18 days ago.)

Trading Expectations (3828.HK) For The Upcoming Trading Day Of Friday 7th

For the upcoming trading day on Friday, 7th we expect Ming Fai International Holdings Limited to open at HK$0.677, and during the day (based on 14 day Average True Range), to move between HK$0.649 and HK$0.691, which gives a possible trading interval of +/-HK$0.0209 (+/-3.12%) up or down from last closing price. If Ming Fai International Holdings Limited takes out the full calculated possible swing range there will be an estimated 6.24% 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$0.680 (1.49%) than the support at HK$0.660 (1.49%), 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 Ming Fai International Holdings Limited stock A Buy?

Ming Fai International Holdings Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Ming Fai International Holdings Limited of Friday, June 7, 2024

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