Phoenitron Holdings Limited Stock Forecast

Strong day for Phoenitron Holdings Limited stock price on Thursday rising 8.77% to HK$0.0620
(Updated on Jun 27, 2024)

8066.HK Signals & Forecast

Mostly positive signals in the chart today. The Phoenitron Holdings Limited 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$0.0544 and HK$0.0422. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 21.57%. 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). Phoenitron Holdings Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Phoenitron Holdings Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.0570 and HK$0.0540. 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, Phoenitron Holdings Limited finds support just below today's level at HK$0.0570. If this is broken, then the next support from accumulated volume will be at HK$0.0540 and HK$0.0500.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved HK$0.0050 between high and low, or 8.77%. For the last week, the stock has had daily average volatility of 5.61%.

The Phoenitron Holdings Limited stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: HK$0.0600 (-3.30%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (8066.HK) For The Upcoming Trading Day Of Friday 28th

For the upcoming trading day on Friday, 28th we expect Phoenitron Holdings Limited to open at HK$0.0603, and during the day (based on 14 day Average True Range), to move between HK$0.0593 and HK$0.0647, which gives a possible trading interval of +/-HK$0.0027 (+/-4.41%) up or down from last closing price. If Phoenitron Holdings Limited takes out the full calculated possible swing range there will be an estimated 8.82% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$0.0570, some HK$0.0050 (8.06%) from the current price of HK$0.0620, our system finds the risk reward attractive.

Is Phoenitron Holdings Limited stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Phoenitron Holdings Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.781 Strong Buy Candidate Upgraded

Predicted Opening Price for Phoenitron Holdings Limited of Friday, June 28, 2024

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