Hitek Global Inc. Stock Forecast
A very red day for Hitek Global Inc. stock price after a -5.63% fall in the Tuesday trading session
(Updated on May 07, 2024)
The Hitek Global Inc. stock price fell by -5.63% on the last day (Tuesday, 7th May 2024) from $1.42 to $1.34. During the last trading day the stock fluctuated 7.52% from a day low at $1.33 to a day high of $1.43. The price has been going up and down for this period, and there has been a 0.75% gain for the last 2 weeks. Volume has increased on the last day by 10 thousand 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, 53 thousand shares were bought and sold for approximately $71.34 thousand.
The stock lies in the middle of a very wide and 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 -37.54% during the next 3 months and, with a 90% probability hold a price between $0.481 and $1.44 at the end of this 3-month period.
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HKIT Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 31.37%. Further rise is indicated until a new top pivot has been found. 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. The Hitek Global Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.45 and $1.41. A break-up above any of these levels will issue buy signals. Hitek Global Inc. 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 Hitek Global Inc. stock
Hitek Global Inc. finds support from accumulated volume at $1.33 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.1000 between high and low, or 7.52%. For the last week, the stock has had daily average volatility of 10.22%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HKIT) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Hitek Global Inc. to open at $1.37, and during the day (based on 14 day Average True Range), to move between $1.14 and $1.54, which gives a possible trading interval of +/-$0.199 (+/-14.87%) up or down from last closing price. If Hitek Global Inc. takes out the full calculated possible swing range there will be an estimated 29.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.35 (0.75%) than the support at $1.33 (0.75%), 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 Hitek Global Inc. stock A Buy?
Hitek Global Inc. holds several negative signals and is within a very wide and 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: -2.411 Sell Candidate Unchanged
Predicted Opening Price for Hitek Global Inc. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $1.37 ( 1.99%) | $1.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HKIT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.47 | 9.45 % | |
| R2 | 1.43 | 6.60 % | ||
| R1 | 1.40 | 4.84 % | ||
| Current price: | 1.34 | |||
| Support | S1 | 1.33 | -0.86 % | |
| S2 | 1.30 | -2.62 % | ||
| S3 | 1.27 | -5.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.51 | 12.69 % | |
| R2 | 1.42 | 5.97 % | ||
| R1 | 1.35 | 0.746 % | ||
| Current price | 1.34 | |||
| Support | S1 | 1.33 | -0.746% | |
| S2 | 1.14 | -14.93% | ||
| S3 | 1.08 | -19.40% |
FAQ
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