Huakang Biomedical Holdings Co Ltd Stock Forecast
Weaker technical forecast for Huakang Biomedical Holdings Co Ltd as stock downgraded to Sell Candidate.
(Updated on Jun 14, 2024)
The Huakang Biomedical Holdings Co Ltd stock price fell by -4.04% on the last day (Friday, 14th Jun 2024) from HK$0.0990 to HK$0.0950. During the last trading day the stock fluctuated 4.40% from a day low at HK$0.0910 to a day high of HK$0.0950. The price has fallen in 7 of the last 10 days but is still up by 7.95% over the past 2 weeks. Volume has increased on the last day by 400 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, 584 thousand shares were bought and sold for approximately HK$55.48 thousand.
The stock lies in the middle of a very 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 -28.14% during the next 3 months and, with a 90% probability hold a price between HK$0.0573 and HK$0.0719 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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8622.HK Signals & Forecast
There are mixed signals in the stock today. The Huakang Biomedical Holdings Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$0.0957. On a fall, the stock will find some support from the short-term average at HK$0.0916. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Huakang Biomedical Holdings Co Ltd 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". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Monday, June 03, 2024, and so far it has risen 11.76%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Huakang Biomedical Holdings Co Ltd stock
Huakang Biomedical Holdings Co Ltd finds support from accumulated volume at HK$0.0930 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.0040 between high and low, or 4.40%. For the last week, the stock has had daily average volatility of 8.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (8622.HK) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect Huakang Biomedical Holdings Company Limited to open at HK$0.0937, and during the day (based on 14 day Average True Range), to move between HK$0.0887 and HK$0.101, which gives a possible trading interval of +/-HK$0.0063 (+/-6.59%) up or down from last closing price. If Huakang Biomedical Holdings Company Limited takes out the full calculated possible swing range there will be an estimated 13.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$0.0930 (2.11%) than the resistance at HK$0.0980 (3.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Huakang Biomedical Holdings Company Limited stock A Buy?
Huakang Biomedical Holdings Co Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.141 Sell Candidate Downgraded
Predicted Opening Price for Huakang Biomedical Holdings Company Limited of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| HK$0.0937 ( 1.40%) | HK$0.0950 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 8622.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0977 | 2.81% |
| R2 | 0.0961 | 1.20% |
| R1 | 0.0952 | 0.205% |
| Price | 0.0950 | |
| S1 | 0.0921 | -3.01% |
| S2 | 0.0912 | -4.01% |
| S3 | 0.0897 | -5.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.118 | 24.21% |
| R2 | 0.106 | 11.58% |
| R1 | 0.0980 | 3.16% |
| Price | 0.0950 | |
| S1 | 0.0930 | -2.11% |
| S2 | 0.0910 | -4.21% |
| S3 | 0.0900 | -5.26% |
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