Millennium Pacific Group Holdings Ltd Stock Forecast
Millennium Pacific Group Holdings Ltd stock upgraded to Buy Candidate.
(Updated on May 21, 2024)
The Millennium Pacific Group Holdings Ltd stock price fell by -2.63% on the last day (Tuesday, 21st May 2024) from HK$0.380 to HK$0.370. During the last trading day the stock fluctuated 5.41% from a day low at HK$0.370 to a day high of HK$0.390. The price has risen in 7 of the last 10 days and is up by 25.42% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -838 thousand shares and in total, 378 thousand shares were bought and sold for approximately HK$140.01 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at HK$0.383 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 74.74% during the next 3 months and, with a 90% probability hold a price between HK$0.533 and HK$0.669 at the end of this 3-month period.
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8147.HK Signals & Forecast
The Millennium Pacific Group Holdings 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$0.339 and HK$0.279. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -2.63%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Millennium Pacific Group Holdings Ltd stock
Millennium Pacific Group Holdings Ltd finds support from accumulated volume at HK$0.355 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved HK$0.0200 between high and low, or 5.41%. For the last week the stock has had daily average volatility of 11.04%.
Our recommended stop-loss: HK$0.356 (-3.79%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (8147.HK) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Millennium Pacific Group Holdings Limited to open at HK$0.377, and during the day (based on 14 day Average True Range), to move between HK$0.348 and HK$0.392, which gives a possible trading interval of +/-HK$0.0223 (+/-6.03%) up or down from last closing price. If Millennium Pacific Group Holdings Limited takes out the full calculated possible swing range there will be an estimated 12.06% 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$0.380 (2.70%) than the support at HK$0.355 (4.05%), 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 Millennium Pacific Group Holdings Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Millennium Pacific Group Holdings Ltd stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.168 Buy Candidate Upgraded
Predicted Opening Price for Millennium Pacific Group Holdings Limited of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| HK$0.377 ( 1.80%) | HK$0.370 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8147.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.397 | 7.21 % | |
| R2 | 0.389 | 5.14 % | ||
| R1 | 0.384 | 3.87 % | ||
| Current price: | 0.370 | |||
| Support | S1 | 0.369 | -0.263 % | |
| S2 | 0.364 | -1.54 % | ||
| S3 | 0.357 | -3.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.380 | 2.70 % | ||
| Current price | 0.370 | |||
| Support | S1 | 0.355 | -4.05% | |
| S2 | 0.345 | -6.76% | ||
| S3 | 0.300 | -18.92% |
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