Meihua International Medical Stock Forecast

Green day on Tuesday for Meihua International Medical
(Updated on Jun 25, 2024)

MHUA Signals & Forecast

The Meihua International Medical 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 $0.82 and $0.731. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 23, 2024, and so far it has risen 38.89%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Meihua International Medical stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.770 and $0.744. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Meihua International Medical finds support just below today's level at $0.770. If this is broken, then the next support from accumulated volume will be at $0.744 and $0.730.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0641 between high and low, or 7.58%. For the last week the stock has had daily average volatility of 9.41%.

The Meihua International Medical stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $0.85 (-2.98%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)

Trading Expectations (MHUA) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Meihua International Medical Technologies Co., Ltd. to open at $0.88, and during the day (based on 14 day Average True Range), to move between $0.81 and $0.94, which gives a possible trading interval of +/-$0.0675 (+/-7.71%) up or down from last closing price. If Meihua International Medical Technologies Co., Ltd. takes out the full calculated possible swing range there will be an estimated 15.43% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $0.770, some $0.105 (12.00%) from the current price of $0.88, our system finds the risk reward attractive.

Is Meihua International Medical Technologies Co., Ltd. stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Meihua International Medical stock to perform well in the short-term period.

Current score: 5.025 Strong Buy Candidate Unchanged

Predicted Opening Price for Meihua International Medical Technologies Co., Ltd. of Wednesday, June 26, 2024

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