Wealthy Way Group Limited Stock Forecast

High volatility in Wealthy Way Group Limited stock price on Friday which ended trading at HK$2.73
(Updated on May 03, 2024)

3848.HK Signals & Forecast

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 Wealthy Way Group Limited 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$4.09. On a fall, the stock will find some support from the short-term average at HK$2.33. 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. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -20.18%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Support, Risk & Stop-loss for Wealthy Way Group Limited stock

Wealthy Way Group Limited finds support from accumulated volume at HK$2.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved HK$0.320 between high and low, or 11.76%. For the last week the stock has had daily average volatility of 19.39%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (3848.HK) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Wealthy Way Group Limited to open at HK$2.83, and during the day (based on 14 day Average True Range), to move between HK$2.25 and HK$3.21, which gives a possible trading interval of +/-HK$0.480 (+/-17.59%) up or down from last closing price. If Wealthy Way Group Limited takes out the full calculated possible swing range there will be an estimated 35.19% 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$2.67 (2.20%) than the resistance at HK$2.82 (3.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Wealthy Way Group Limited stock A Buy?

Wealthy Way Group Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -5.242 Strong Sell Candidate Unchanged

Predicted Opening Price for Wealthy Way Group Limited of Monday, May 6, 2024

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