BGN/CNY Currency Pair Forecast
Weaker technical forecast for BGN/CNY as currency pair downgraded to Hold/Accumulate.
(Updated on Jun 25, 2024)
The BGN/CNY currency pair price fell by -0.157% on the last day (Tuesday, 25th Jun 2024) from ¥3.98 to ¥3.98. During the last trading day the currency pair fluctuated 0.427% from a day low at ¥3.97 to a day high of ¥3.99. The price has fallen in 6 of the last 10 days but is still up by 1.98% over the past 2 weeks. Volume has increased on the last day by 56 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, 234 shares were bought and sold for approximately ¥930.83 .
The currency pair lies in the middle of a narrow and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 2.07% during the next 3 months and, with a 90% probability hold a price between ¥3.97 and ¥4.10 at the end of this 3-month period.
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BGNCNY Signals & Forecast
The BGN/CNY currency pair 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 ¥3.97 and ¥3.94. 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 Monday, June 24, 2024, and so far it has fallen -0.157%. Further fall is indicated until a new bottom pivot has been found. BGN/CNY 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. The currency pair had a Golden Star Signal on Monday, March 04, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Monday, March 04, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A sell signal from a double top formation was found on Wednesday, June 12, 2024 and based on theory for this formation the price should fall by -2.66% to ¥3.87 within 3 trading days since signal was issued (Monday, June 17, 2024).
Support, Risk & Stop-loss for BGN/CNY currency pair
BGN/CNY finds support from accumulated volume at ¥3.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved ¥0.0169 between high and low, or 0.427%. For the last week the currency pair has had daily average volatility of 0.397%.
Our recommended stop-loss: ¥3.86 (-2.96%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (BGNCNY) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect BGN/CNY to open at ¥3.98, and during the day (based on 14 day Average True Range), to move between ¥3.93 and ¥4.02, which gives a possible trading interval of +/-¥0.0433 (+/-1.09%) up or down from last closing price. If BGN/CNY takes out the full calculated possible swing range there will be an estimated 2.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥3.98 (0.11%) than the support at ¥3.97 (0.19%), 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 BGN/CNY currency pair A Buy?
BGN/CNY 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.527 Hold/Accumulate Downgraded
Predicted Opening Price for BGN/CNY of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ¥3.98 ( 0.0163%) | ¥3.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGNCNY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.00 | 0.442% |
| R2 | 3.99 | 0.280% |
| R1 | 3.99 | 0.179% |
| Price | 3.98 | |
| S1 | 3.97 | -0.146% |
| S2 | 3.97 | -0.247% |
| S3 | 3.96 | -0.410% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.00 | 0.531% |
| R2 | 3.98 | 0.113% |
| R1 | 3.98 | 0.111% |
| Price | 3.98 | |
| S1 | 3.97 | -0.195% |
| S2 | 3.90 | -1.95% |
| S3 | 3.89 | -2.27% |
FAQ
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