HiTech Group Australia Limited Stock Forecast
HiTech Group Australia Limited stock price ended at $1.89 on Friday, after gaining 0.265%.
(Updated on May 24, 2024)
The HiTech Group Australia Limited stock price gained 0.265% on the last trading day (Friday, 24th May 2024), rising from $1.89 to $1.89. During the last trading day the stock fluctuated 1.59% from a day low at $1.89 to a day high of $1.92. The price has been going up and down for this period, and there has been a -3.08% loss 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, 7 thousand more shares were traded than the day before. In total, 10 thousand shares were bought and sold for approximately $17.98 thousand.
The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -7.12% during the next 3 months and, with a 90% probability hold a price between $1.72 and $1.87 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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HIT.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 22, 2024, and so far it has risen 0.265%. Further rise is indicated until a new top pivot has been found. HiTech Group Australia Limited 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The HiTech Group Australia Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.92 and $1.98. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for HiTech Group Australia Limited stock
HiTech Group Australia Limited finds support from accumulated volume at $1.89 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0300 between high and low, or 1.59%. For the last week the stock has had daily average volatility of 1.00%.
HiTech Group Australia Limited is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HIT.AX) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect HiTech Group Australia Limited to open at $1.90, and during the day (based on 14 day Average True Range), to move between $1.87 and $1.91, which gives a possible trading interval of +/-$0.0217 (+/-1.15%) up or down from last closing price. If HiTech Group Australia Limited takes out the full calculated possible swing range there will be an estimated 2.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.89 (0.26%) than the resistance at $1.96 (3.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is HiTech Group Australia Limited stock A Buy?
HiTech Group Australia Limited holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.426 Sell Candidate Unchanged
Predicted Opening Price for HiTech Group Australia Limited of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| $1.90 ( 0.353%) | $1.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HIT.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.93 | 1.94 % | |
| R2 | 1.92 | 1.33 % | ||
| R1 | 1.91 | 0.96 % | ||
| Current price: | 1.89 | |||
| Support | S1 | 1.89 | -0.254 % | |
| S2 | 1.88 | -0.628 % | ||
| S3 | 1.87 | -1.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 6.88 % | |
| R2 | 1.98 | 4.76 % | ||
| R1 | 1.96 | 3.70 % | ||
| Current price | 1.89 | |||
| Support | S1 | 1.89 | -0.265% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
HIT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 04, 2024 | Mar 04, 2024 | Mar 19, 2024 | $0.0500 | 2.43% |
| 2 | Mar 06, 2023 | Mar 06, 2023 | Mar 06, 2023 | $0.0500 | 2.54% |
| 3 | Dec 08, 2022 | Dec 08, 2022 | Dec 08, 2022 | $0.0150 | 0.732% |
| 4 | Sep 01, 2022 | Sep 01, 2022 | Sep 01, 2022 | $0.0600 | 2.79% |
| 5 | Mar 03, 2022 | Mar 03, 2022 | Mar 03, 2022 | $0.0500 | 2.44% |
FAQ
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