FIT Hon Teng Limited Stock Forecast

Big movements in FIT Hon Teng Limited stock price on Wednesday moving 27.84% between high and low
(Updated on May 08, 2024)

FITGF Signals & Forecast

The FIT Hon Teng 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 $0.278 and $0.261. 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 Tuesday, May 07, 2024, and so far it has fallen -11.74%. Further fall is indicated until a new bottom pivot has been found. FIT Hon Teng Limited 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.

Support, Risk & Stop-loss for FIT Hon Teng Limited stock

FIT Hon Teng Limited finds support from accumulated volume at $0.270 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 $0.0682 between high and low, or 27.84%. For the last week, the stock has had daily average volatility of 7.17%.

Our recommended stop-loss: $0.268 (-4.90%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (FITGF) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect FIT Hon Teng Limited to open at $0.280, and during the day (based on 14 day Average True Range), to move between $0.259 and $0.304, which gives a possible trading interval of +/-$0.0228 (+/-8.10%) up or down from last closing price. If FIT Hon Teng Limited takes out the full calculated possible swing range there will be an estimated 16.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.285 (1.23%) than the support at $0.270 (4.10%), 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 FIT Hon Teng Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for FIT Hon Teng Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.994 Buy Candidate Upgraded

Predicted Opening Price for FIT Hon Teng Limited of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.