Hitek Global Inc. Stock Forecast
Hitek Global Inc. stock price ended at $1.36 on Friday, after gaining 0.741%.
(Updated on May 17, 2024)
The Hitek Global Inc. stock price gained 0.741% on the last trading day (Friday, 17th May 2024), rising from $1.35 to $1.36. During the last trading day the stock fluctuated 5.22% from a day low at $1.34 to a day high of $1.41. The price has risen in 5 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 56 thousand shares were bought and sold for approximately $76.52 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.40 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -37.83% during the next 3 months and, with a 90% probability hold a price between $0.472 and $0.87 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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HKIT Signals & Forecast
Hitek Global Inc. 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 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 $1.38 and $1.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -12.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Hitek Global Inc. stock
Hitek Global Inc. finds support from accumulated volume at $1.35 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 $0.0700 between high and low, or 5.22%. For the last week, the stock has had daily average volatility of 8.39%.
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 Monday 20th
For the upcoming trading day on Monday, 20th we expect Hitek Global Inc. to open at $1.37, and during the day (based on 14 day Average True Range), to move between $1.21 and $1.51, which gives a possible trading interval of +/-$0.148 (+/-10.92%) up or down from last closing price. If Hitek Global Inc. takes out the full calculated possible swing range there will be an estimated 21.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.35 (0.74%) than the resistance at $1.42 (4.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: -4.288 Sell Candidate Unchanged
Predicted Opening Price for Hitek Global Inc. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.37 ( 0.735%) | $1.36 |
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 | 1.44 | 5.88 % | |
| R2 | 1.41 | 3.92 % | ||
| R1 | 1.40 | 2.70 % | ||
| Current price: | 1.36 | |||
| Support | S1 | 1.34 | -1.23 % | |
| S2 | 1.33 | -2.45 % | ||
| S3 | 1.30 | -4.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.55 | 13.97 % | |
| R2 | 1.51 | 11.03 % | ||
| R1 | 1.42 | 4.41 % | ||
| Current price | 1.36 | |||
| Support | S1 | 1.35 | -0.735% | |
| S2 | 1.33 | -2.21% | ||
| S3 | 1.14 | -16.18% |
FAQ
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