BeiGene, Ltd. Stock Forecast
Green day on Thursday for BeiGene, Ltd. stock after gaining 3.45%
(Updated on Apr 25, 2024)
The BeiGene, Ltd. stock price gained 3.45% on the last trading day (Thursday, 25th Apr 2024), rising from HK$87.00 to HK$90.00. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.32% from a day low at HK$86.05 to a day high of HK$92.35. The price has fallen in 6 of the last 10 days but is still up by 1.64% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 677 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately HK$237.22 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -5.06% during the next 3 months and, with a 90% probability hold a price between HK$72.75 and HK$98.71 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
6160.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 16.88%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The BeiGene, Ltd. 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$92.68. On a fall, the stock will find some support from the short-term average at HK$82.27. 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 from a double top formation was found on Thursday, March 14, 2024 and based on theory for this formation the price should fall by -6.22% to HK$84.40 within 10 trading days since signal was issued (Friday, April 26, 2024).
Support, Risk & Stop-loss for BeiGene, Ltd. stock
BeiGene, Ltd. finds support from accumulated volume at HK$89.75 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 HK$6.30 between high and low, or 7.32%. For the last week, the stock has had daily average volatility of 5.14%.
Our recommended stop-loss: HK$86.38 (-4.02%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (6160.HK) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect BeiGene, Ltd. to open at HK$89.47, and during the day (based on 14 day Average True Range), to move between HK$86.18 and HK$93.82, which gives a possible trading interval of +/-HK$3.82 (+/-4.25%) up or down from last closing price. If BeiGene, 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 support from accumulated volume at HK$89.75 (0.28%) than the resistance at HK$97.05 (7.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BeiGene, Ltd. stock A Buy?
BeiGene, 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.
Current score: -0.336 Hold/Accumulate Unchanged
Predicted Opening Price for BeiGene, Ltd. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| HK$89.47 ( 0.593%) | HK$90.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6160.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 95.77 | 6.41 % | |
| R2 | 93.36 | 3.73 % | ||
| R1 | 91.87 | 2.08 % | ||
| Current price: | 90.00 | |||
| Support | S1 | 87.06 | -3.27 % | |
| S2 | 85.57 | -4.92 % | ||
| S3 | 83.17 | -7.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 106.50 | 18.33 % | |
| R2 | 104.00 | 15.56 % | ||
| R1 | 97.05 | 7.83 % | ||
| Current price | 90.00 | |||
| Support | S1 | 89.75 | -0.278% | |
| S2 | 88.85 | -1.28% | ||
| S3 | 84.35 | -6.28% |
FAQ
Click here for our free guide on how to buy BeiGene, Ltd. Stock.
