Futu Holdings Ltd Stock Forecast
Futu Holdings Ltd stock downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Futu Holdings Ltd stock price fell by -1.53% on the last day (Thursday, 25th Apr 2024) from $63.98 to $63.00. During the last trading day the stock fluctuated 3.49% from a day low at $61.07 to a day high of $63.20. The price has fallen in 6 of the last 10 days but is still up by 4.91% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 1 million shares were bought and sold for approximately $84.93 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 20.70% during the next 3 months and, with a 90% probability hold a price between $67.01 and $86.08 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
FUTU Signals & Forecast
The Futu Holdings Ltd 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 $58.34 and $57.24. 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, March 13, 2024, and so far it has fallen -3.67%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Futu Holdings Ltd stock
Futu Holdings Ltd finds support from accumulated volume at $61.93 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.13 between high and low, or 3.49%. For the last week, the stock has had daily average volatility of 4.27%.
Our recommended stop-loss: $60.22 (-4.41%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (FUTU) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Futu Holdings Ltd to open at $62.42, and during the day (based on 14 day Average True Range), to move between $60.58 and $65.42, which gives a possible trading interval of +/-$2.42 (+/-3.84%) up or down from last closing price. If Futu Holdings Ltd takes out the full calculated possible swing range there will be an estimated 7.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $63.98 (1.56%) than the support at $61.93 (1.70%), 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 Futu Holdings Ltd 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 Futu Holdings Ltd 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: 1.851 Buy Candidate Downgraded
Predicted Opening Price for Futu Holdings Ltd of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $62.42 ( 0.92%) | $63.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FUTU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.55 | 2.47 % | |
| R2 | 63.74 | 1.17 % | ||
| R1 | 63.24 | 0.376 % | ||
| Current price: | 63.00 | |||
| Support | S1 | 61.61 | -2.21 % | |
| S2 | 61.11 | -3.00 % | ||
| S3 | 60.29 | -4.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.40 | 3.81 % | |
| R2 | 64.02 | 1.62 % | ||
| R1 | 63.98 | 1.56 % | ||
| Current price | 63.00 | |||
| Support | S1 | 61.93 | -1.70% | |
| S2 | 56.40 | -10.48% | ||
| S3 | 54.25 | -13.89% |
FAQ
Click here for our free guide on how to buy Futu Holdings Ltd Stock.
