CanSino Biologics Inc. Stock Forecast
CanSino Biologics Inc. stock downgraded from Buy Candidate to Sell Candidate after Tuesday trading session.
(Updated on Jun 18, 2024)
The CanSino Biologics Inc. stock price fell by -1.65% on the last day (Tuesday, 18th Jun 2024) from HK$21.25 to HK$20.90. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.88% from a day low at HK$20.60 to a day high of HK$21.40. The price has risen in 6 of the last 10 days and is up by 0.48% over the past 2 weeks. Volume has increased on the last day by 142 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 590 thousand shares were bought and sold for approximately HK$12.34 million.
Given the current short-term trend, the stock is expected to rise 38.41% during the next 3 months and, with a 90% probability hold a price between HK$28.93 and HK$33.86 at the end of this 3-month period.
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6185.HK Signals & Forecast
There are few to no technical positive signals at the moment. The CanSino Biologics Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at HK$21.79 and HK$21.18. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -8.53%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for CanSino Biologics Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$19.14 and HK$18.40. 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, CanSino Biologics Inc. finds support just below today's level at HK$19.14. If this is broken, then the next support from accumulated volume will be at HK$18.40 and HK$17.28.
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$0.800 between high and low, or 3.88%. For the last week, the stock has had daily average volatility of 4.52%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (6185.HK) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect CanSino Biologics Inc. to open at HK$20.97, and during the day (based on 14 day Average True Range), to move between HK$19.83 and HK$21.97, which gives a possible trading interval of +/-HK$1.07 (+/-5.13%) up or down from last closing price. If CanSino Biologics Inc. takes out the full calculated possible swing range there will be an estimated 10.27% 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$20.95 (0.24%) than the support at HK$19.14 (8.42%), 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 CanSino Biologics Inc. stock A Buy?
The CanSino Biologics Inc. stock holds several negative signals and despite the positive trend, we believe CanSino Biologics Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -4.688 Sell Candidate Downgraded
Predicted Opening Price for CanSino Biologics Inc. of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| HK$20.97 ( 0.319%) | HK$20.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6185.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.77 | 4.15% |
| R2 | 21.46 | 2.68% |
| R1 | 21.27 | 1.78% |
| Price | 20.90 | |
| S1 | 20.66 | -1.14% |
| S2 | 20.47 | -2.05% |
| S3 | 20.17 | -3.51% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.70 | 8.61% |
| R2 | 21.15 | 1.20% |
| R1 | 20.95 | 0.239% |
| Price | 20.90 | |
| S1 | 19.14 | -8.42% |
| S2 | 18.40 | -11.96% |
| S3 | 17.28 | -17.32% |
6185 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 13, 2022 | Jul 13, 2022 | Jul 13, 2022 | HK$0.94 | 1.31% |
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