Alibaba Health Information Technology Stock Forecast
On Friday, Alibaba Health Information Technology stock price gained an impressive 5.59%
(Updated on May 17, 2024)
The Alibaba Health Information Technology stock price gained 5.59% on the last trading day (Friday, 17th May 2024), rising from $0.400 to $0.422. During the last trading day the stock fluctuated 1.74% from a day low at $0.415 to a day high of $0.422. The price has been going up and down for this period, and there has been a 3.01% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately $802.47 .
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.399, a level that may pose a second chance to hit a runner. According to fan-theory $0.513 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ALBHF Signals & Forecast
The Alibaba Health Information Technology 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 $0.406 and $0.377. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 31.79%. 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). Alibaba Health Information Technology 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Alibaba Health Information Technology stock
Alibaba Health Information Technology finds support from accumulated volume at $0.418 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 $0.0072 between high and low, or 1.74%. For the last week, the stock has had daily average volatility of 0.347%.
Our recommended stop-loss: $0.407 (-3.58%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (ALBHF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Alibaba Health Information Technology Ltd to open at $0.420, and during the day (based on 14 day Average True Range), to move between $0.411 and $0.433, which gives a possible trading interval of +/-$0.0109 (+/-2.59%) up or down from last closing price. If Alibaba Health Information Technology Ltd takes out the full calculated possible swing range there will be an estimated 5.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.418 (1.00%) than the resistance at $0.431 (2.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Alibaba Health Information Technology Ltd stock A Buy?
Alibaba Health Information Technology 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 Alibaba Health Information Technology Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.420 ( 0.569%) | $0.422 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALBHF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.427 | 1.14 % | |
| R2 | 0.424 | 0.486 % | ||
| R1 | 0.423 | 0.0831 % | ||
| Current price: | 0.422 | |||
| Support | S1 | 0.417 | -1.22 % | |
| S2 | 0.415 | -1.62 % | ||
| S3 | 0.413 | -2.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.455 | 7.70 % | |
| R2 | 0.452 | 7.10 % | ||
| R1 | 0.431 | 2.14 % | ||
| Current price | 0.422 | |||
| Support | S1 | 0.418 | -1.00% | |
| S2 | 0.355 | -15.97% | ||
| S3 | 0.320 | -24.12% |
FAQ
Click here for our free guide on how to buy Alibaba Health Information Technology Ltd Stock.
