Bingo Group Holdings Limited Stock Forecast

Big movements in Bingo Group Holdings Limited stock price on Friday moving 17.12% between high and low
(Updated on May 03, 2024)

8220.HK Signals & Forecast

The Bingo Group 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$1.03 and HK$0.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 89.23%. 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). Bingo Group 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. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for Bingo Group Holdings Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$1.09 and HK$1.06. 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, Bingo Group Holdings Limited finds support just below today's level at HK$1.09. If this is broken, then the next support from accumulated volume will be at HK$1.06 and HK$0.98.

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$0.190 between high and low, or 17.12%. For the last week, the stock has had daily average volatility of 12.91%.

The Bingo Group Holdings Limited stock is extremely overbought on RSI14 (98). 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$1.19 (-3.04%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 98 and this increases the risk substantially. There is a buy signal from a pivot bottom found 30 days ago.)

Trading Expectations (8220.HK) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Bingo Group Holdings Limited to open at HK$1.21, and during the day (based on 14 day Average True Range), to move between HK$1.16 and HK$1.30, which gives a possible trading interval of +/-HK$0.0673 (+/-5.47%) up or down from last closing price. If Bingo Group Holdings Limited takes out the full calculated possible swing range there will be an estimated 10.94% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ HK$1.09, some HK$0.140 (11.38%) from the current price of HK$1.23, our system finds the risk reward attractive.

Is Bingo Group Holdings Limited stock A Buy?

Bingo Group Holdings Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Bingo Group Holdings Limited of Monday, May 6, 2024

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