Hubei Huarong Holding Co.,Ltd. Stock Forecast
Weaker technical forecast for Hubei Huarong Holding Co.,Ltd. as stock downgraded to Hold/Accumulate.
(Updated on Jun 27, 2024)
The Hubei Huarong Holding Co.,Ltd. stock price fell by -4.17% on the last day (Thursday, 27th Jun 2024) from $6.71 to $6.43. During the last trading day the stock fluctuated 5.61% from a day low at $6.42 to a day high of $6.78. The price has risen in 6 of the last 10 days and is up by 17.55% over the past 2 weeks. 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 -5 million shares and in total, 9 million shares were bought and sold for approximately $55.40 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $6.68 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -21.71% during the next 3 months and, with a 90% probability hold a price between $3.48 and $5.23 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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600421.SS Signals & Forecast
The Hubei Huarong Holding Co.,Ltd. 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 $6.31 and $5.95. 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 Wednesday, June 26, 2024, and so far it has fallen -4.17%. 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 Hubei Huarong Holding Co.,Ltd. stock
Hubei Huarong Holding Co.,Ltd. finds support from accumulated volume at $6.17 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.360 between high and low, or 5.61%. For the last week, the stock has had daily average volatility of 10.18%.
Our recommended stop-loss: $6.16 (-4.16%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (600421.SS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Hubei Huarong Holding Co.,Ltd. to open at $6.54, and during the day (based on 14 day Average True Range), to move between $5.94 and $6.92, which gives a possible trading interval of +/-$0.494 (+/-7.68%) up or down from last closing price. If Hubei Huarong Holding Co.,Ltd. takes out the full calculated possible swing range there will be an estimated 15.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.44 (0.16%) than the support at $6.17 (4.04%), 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 Hubei Huarong Holding Co.,Ltd. stock A Buy?
Hubei Huarong Holding Co.,Ltd. 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: -0.477 Hold/Accumulate Downgraded
Predicted Opening Price for Hubei Huarong Holding Co.,Ltd. of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $6.54 ( 1.76%) | $6.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600421.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.90 | 7.36% |
| R2 | 6.77 | 5.22% |
| R1 | 6.68 | 3.90% |
| Price | 6.43 | |
| S1 | 6.41 | -0.376% |
| S2 | 6.32 | -1.70% |
| S3 | 6.18 | -3.84% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.92 | 7.62% |
| R2 | 6.71 | 4.35% |
| R1 | 6.44 | 0.156% |
| Price | 6.43 | |
| S1 | 6.17 | -4.04% |
| S2 | 6.07 | -5.60% |
| S3 | 5.92 | -7.93% |
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