China Harmony New Energy Auto Holding Stock Forecast

China Harmony New Energy Auto Holding stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 07, 2024)

3836.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 8.00%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The China Harmony New Energy Auto Holding 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$0.546. On a fall, the stock will find some support from the short-term average at HK$0.531. 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. 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 China Harmony New Energy Auto Holding stock

China Harmony New Energy Auto Holding finds support from accumulated volume at HK$0.530 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$0.0400 between high and low, or 7.41%. For the last week the stock has had daily average volatility of 6.15%.

Our recommended stop-loss: HK$0.514 (-4.78%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (3836.HK) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect China Harmony New Energy Auto Holding Limited to open at HK$0.553, and during the day (based on 14 day Average True Range), to move between HK$0.502 and HK$0.578, which gives a possible trading interval of +/-HK$0.0382 (+/-7.08%) up or down from last closing price. If China Harmony New Energy Auto Holding Limited takes out the full calculated possible swing range there will be an estimated 14.17% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$0.530 (1.85%) than the resistance at HK$0.600 (11.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is China Harmony New Energy Auto Holding Limited stock A Buy?

China Harmony New Energy Auto Holding holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.010 Hold/Accumulate Downgraded

Predicted Opening Price for China Harmony New Energy Auto Holding Limited of Wednesday, May 8, 2024

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