Ascentage Pharma Group International Stock Forecast
Green day on Monday for Ascentage Pharma Group International
(Updated on May 13, 2024)
The Ascentage Pharma Group International stock price gained 3.98% on the last trading day (Monday, 13th May 2024), rising from HK$20.10 to HK$20.90. It has now gained 3 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 5.95% from a day low at HK$19.82 to a day high of HK$21.00. The price has risen in 7 of the last 10 days and is up by 18.62% 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, 353 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately HK$35.28 million.
Given the current short-term trend, the stock is expected to fall -30.88% during the next 3 months and, with a 90% probability hold a price between HK$9.21 and HK$14.45 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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6855.HK Signals & Forecast
Mostly positive signals in the chart today. The Ascentage Pharma Group International 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$19.43 and HK$18.55. 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 33.12%. 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 Ascentage Pharma Group International stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$18.22 and HK$17.76. 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, Ascentage Pharma Group International finds support just below today's level at HK$18.22. If this is broken, then the next support from accumulated volume will be at HK$17.76 and HK$17.24.
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$1.18 between high and low, or 5.95%. For the last week, the stock has had daily average volatility of 4.95%.
The Ascentage Pharma Group International stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: HK$20.23 (-3.22%) (This stock has high daily movements and this gives high risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (6855.HK) For The Upcoming Trading Day Of Tuesday 14th
For the upcoming trading day on Tuesday, 14th we expect Ascentage Pharma Group International to open at HK$20.57, and during the day (based on 14 day Average True Range), to move between HK$19.95 and HK$21.85, which gives a possible trading interval of +/-HK$0.95 (+/-4.52%) up or down from last closing price. If Ascentage Pharma Group International takes out the full calculated possible swing range there will be an estimated 9.05% 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$21.95 (5.02%) than the support at HK$18.22 (12.82%), 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 Ascentage Pharma Group International 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: 4.062 Buy Candidate Unchanged
Predicted Opening Price for Ascentage Pharma Group International of Tuesday, May 14, 2024
Fair opening price May 14, 2024 | Current price |
---|---|
HK$20.57 ( 1.56%) | HK$20.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6855.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.75 | 4.08 % | |
R2 | 21.30 | 1.93 % | ||
R1 | 21.02 | 0.594 % | ||
Current price: | 20.90 | |||
Support | S1 | 20.12 | -3.72 % | |
S2 | 19.84 | -5.05 % | ||
S3 | 19.39 | -7.21 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 25.30 | 21.05 % | |
R2 | 24.15 | 15.55 % | ||
R1 | 21.95 | 5.02 % | ||
Current price | 20.90 | |||
Support | S1 | 18.22 | -12.82% | |
S2 | 17.76 | -15.02% | ||
S3 | 17.24 | -17.51% |
FAQ
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