FIT Hon Teng Limited Stock Forecast

Weaker technical forecast for FIT Hon Teng Limited as stock downgraded to Buy Candidate.
(Updated on May 30, 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 $0.279 and $0.268. 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, May 29, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". 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 $0.290 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 6.40%

Our recommended stop-loss: $0.291 (-3.80%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (FITGF) For The Upcoming Trading Day Of Friday 31st

For the upcoming trading day on Friday, 31st we expect FIT Hon Teng Limited to open at $0.303, and during the day (based on 14 day Average True Range), to move between $0.286 and $0.319, which gives a possible trading interval of +/-$0.0161 (+/-5.34%) 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 10.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.305 (0.68%) than the support at $0.290 (4.13%), 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 3.264 Buy Candidate Downgraded

Predicted Opening Price for FIT Hon Teng Limited of Friday, May 31, 2024

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