BeiGene, Ltd. Stock Forecast
BeiGene, Ltd. stock price ended at HK$97.75 on Friday, after gaining 0.359%.
(Updated on May 03, 2024)
The BeiGene, Ltd. stock price gained 0.359% on the last trading day (Friday, 3rd May 2024), rising from HK$97.40 to HK$97.75. It has now gained 9 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.07% from a day low at HK$96.20 to a day high of HK$99.15. The price has risen in 9 of the last 10 days and is up by 23.42% 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, 13 thousand more shares were traded than the day before. In total, 678 thousand shares were bought and sold for approximately HK$66.30 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 -4.52% during the next 3 months and, with a 90% probability hold a price between HK$72.79 and HK$99.09 at the end of this 3-month period.
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6160.HK Signals & Forecast
Mostly positive signals in the chart today. The BeiGene, 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$93.29 and HK$92.41. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 26.95%. 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.
Support, Risk & Stop-loss for BeiGene, Ltd. stock
BeiGene, Ltd. finds support from accumulated volume at HK$97.05 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$2.95 between high and low, or 3.07%. For the last week, the stock has had daily average volatility of 3.42%.
Since the BeiGene, Ltd. has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: HK$94.23 (-3.60%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (6160.HK) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect BeiGene, Ltd. to open at HK$97.70, and during the day (based on 14 day Average True Range), to move between HK$94.13 and HK$101.37, which gives a possible trading interval of +/-HK$3.62 (+/-3.70%) up or down from last closing price. If BeiGene, Ltd. takes out the full calculated possible swing range there will be an estimated 7.40% 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$97.05 (0.72%) than the resistance at HK$104.00 (6.39%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
BeiGene, Ltd. will release earnings BMO on Wednesday, May 08, 2024. We will update the financials statements for BeiGene, Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.52% in the first trading day after earnings release.
Is BeiGene, Ltd. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.062 Buy Candidate Unchanged
Predicted Opening Price for BeiGene, Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| HK$97.70 ( 0.0512%) | HK$97.75 |
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 | 100.65 | 2.97 % | |
| R2 | 99.52 | 1.81 % | ||
| R1 | 98.83 | 1.10 % | ||
| Current price: | 97.75 | |||
| Support | S1 | 96.57 | -1.20 % | |
| S2 | 95.88 | -1.92 % | ||
| S3 | 94.75 | -3.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 106.50 | 8.95 % | |
| R2 | 106.00 | 8.44 % | ||
| R1 | 104.00 | 6.39 % | ||
| Current price | 97.75 | |||
| Support | S1 | 97.05 | -0.716% | |
| S2 | 89.75 | -8.18% | ||
| S3 | 88.85 | -9.10% |
FAQ
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