Asia Grocery Distribution Limited Stock Forecast
Asia Grocery Distribution Limited stock upgraded to Hold/Accumulate.
(Updated on Jul 03, 2024)
The Asia Grocery Distribution Limited stock price gained 2.84% on the last trading day (Wednesday, 3rd Jul 2024), rising from HK$0.141 to HK$0.145. During the last trading day the stock fluctuated 6.21% from a day low at HK$0.145 to a day high of HK$0.154. The price has risen in 6 of the last 10 days and is up by 16% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 40 thousand shares were bought and sold for approximately HK$5.80 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling 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$0.149 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.14% during the next 3 months and, with a 90% probability hold a price between HK$0.113 and HK$0.142 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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8413.HK Signals & Forecast
The Asia Grocery Distribution 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$0.143 and HK$0.141. 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 Wednesday, June 26, 2024, and so far it has fallen -2.68%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Wednesday, June 26, 2024 and based on theory for this formation the price should fall by -15.30% to HK$0.123 within 11 trading days (Friday, July 12, 2024) since signal was issued.
Support, Risk & Stop-loss for Asia Grocery Distribution Limited stock
Asia Grocery Distribution Limited finds support from accumulated volume at HK$0.141 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved HK$0.0090 between high and low, or 6.21%. For the last week the stock has had daily average volatility of 7.75%.
Our recommended stop-loss: HK$0.139 (-3.85%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (8413.HK) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Asia Grocery Distribution Limited to open at HK$0.148, and during the day (based on 14 day Average True Range), to move between HK$0.134 and HK$0.156, which gives a possible trading interval of +/-HK$0.0111 (+/-7.62%) up or down from last closing price. If Asia Grocery Distribution Limited takes out the full calculated possible swing range there will be an estimated 15.25% 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$0.146 (0.69%) than the support at HK$0.141 (2.76%), 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 Asia Grocery Distribution Limited stock A Buy?
Asia Grocery Distribution 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.157 Hold/Accumulate Upgraded
Predicted Opening Price for Asia Grocery Distribution Limited of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| HK$0.148 ( 2.07%) | HK$0.145 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8413.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.157 | 8.28% |
| R2 | 0.154 | 5.90% |
| R1 | 0.151 | 4.44% |
| Price | 0.145 | |
| S1 | 0.145 | -0.302% |
| S2 | 0.142 | -1.77% |
| S3 | 0.139 | -4.14% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.150 | 3.45% |
| R2 | 0.148 | 2.07% |
| R1 | 0.146 | 0.690% |
| Price | 0.145 | |
| S1 | 0.141 | -2.76% |
| S2 | 0.138 | -4.83% |
| S3 | 0.135 | -6.90% |
FAQ
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