Harbin Bank Co., Ltd. Stock Forecast

Harbin Bank Co., Ltd. stock downgraded to Buy Candidate
(Updated on May 07, 2024)

6138.HK Signals & Forecast

The Harbin Bank 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 HK$0.306 and HK$0.283. 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 Monday, May 06, 2024, and so far it has fallen -1.59%. Further fall is indicated until a new bottom pivot has been found. Harbin Bank Co., Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Harbin Bank Co., Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.285 and HK$0.255. 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, Harbin Bank Co., Ltd. finds support just below today's level at HK$0.285. If this is broken, then the next support from accumulated volume will be at HK$0.255 and HK$0.240.

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$0.0050 between high and low, or 1.64%. For the last week, the stock has had daily average volatility of 2.63%.

The Harbin Bank Co., Ltd. stock is extremely overbought on RSI14 (88). This increases the short-term risk substantially.

Our recommended stop-loss: HK$0.301 (-2.84%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 88 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (6138.HK) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect Harbin Bank Co., Ltd. to open at HK$0.308, and during the day (based on 14 day Average True Range), to move between HK$0.297 and HK$0.323, which gives a possible trading interval of +/-HK$0.0132 (+/-4.25%) up or down from last closing price. If Harbin Bank Co., Ltd. takes out the full calculated possible swing range there will be an estimated 8.50% 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$0.315 (1.61%) than the support at HK$0.285 (8.06%), 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 Harbin Bank Co., Ltd. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Harbin Bank Co., Ltd. stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 4.647 Buy Candidate Downgraded

Predicted Opening Price for Harbin Bank Co., Ltd. of Wednesday, May 8, 2024

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