Elegance Commercial and Financial Stock Forecast
Red day on Friday for Elegance Commercial and Financial stock after losing 1.85%
(Updated on May 17, 2024)
The Elegance Commercial and Financial stock price fell by -1.85% on the last day (Friday, 17th May 2024) from HK$0.540 to HK$0.530. During the last trading day the stock fluctuated 3.77% from a day low at HK$0.530 to a day high of HK$0.550. The price has been going up and down for this period, and there has been a -1.85% loss for the last 2 weeks. Volume has increased on the last day by 84 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, 280 thousand shares were bought and sold for approximately HK$148.40 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.43% during the next 3 months and, with a 90% probability hold a price between HK$0.447 and HK$0.510 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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8391.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 3.92%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Elegance Commercial and Financial stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.530 and HK$0.542. A break-up above any of these levels will issue buy signals. Elegance Commercial and Financial gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Elegance Commercial and Financial stock
Elegance Commercial and Financial finds support from accumulated volume at HK$0.520 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.0200 (3.77%) between high and low. For the last week, the stock has had daily average volatility of 2.27%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (8391.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Elegance Commercial and Financial Printing Group Limited to open at HK$0.537, and during the day (based on 14 day Average True Range), to move between HK$0.511 and HK$0.549, which gives a possible trading interval of +/-HK$0.0188 (+/-3.54%) up or down from last closing price. If Elegance Commercial and Financial Printing Group Limited takes out the full calculated possible swing range there will be an estimated 7.08% 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$0.540 (1.89%) than the support at HK$0.520 (1.89%), 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 Elegance Commercial and Financial Printing Group Limited stock A Buy?
Elegance Commercial and Financial holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.935 Sell Candidate Unchanged
Predicted Opening Price for Elegance Commercial and Financial Printing Group Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$0.537 ( 1.26%) | HK$0.530 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8391.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.557 | 5.03 % | |
| R2 | 0.549 | 3.59 % | ||
| R1 | 0.544 | 2.70 % | ||
| Current price: | 0.530 | |||
| Support | S1 | 0.529 | -0.184 % | |
| S2 | 0.524 | -1.07 % | ||
| S3 | 0.517 | -2.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.590 | 11.32 % | |
| R2 | 0.550 | 3.77 % | ||
| R1 | 0.540 | 1.89 % | ||
| Current price | 0.530 | |||
| Support | S1 | 0.520 | -1.89% | |
| S2 | 0.510 | -3.77% | ||
| S3 | 0 | . |
FAQ
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