Highway Holdings Limited Stock Forecast

Is Highway Holdings Limited stock still a buy after falling -7.11% on Friday?
(Updated on Apr 19, 2024)

HIHO Signals & Forecast

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 Highway Holdings Limited 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 $2.17 and $2.10. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -7.11%. Further fall is indicated until a new bottom pivot has been found. Highway Holdings Limited 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. The stock had a Golden Star Signal on Wednesday, March 27, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, January 19, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Highway Holdings Limited stock

Highway Holdings Limited finds support from accumulated volume at $2.07 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 $0.0576 between high and low, or 2.76%. For the last week, the stock has had daily average volatility of 2.77%.

Our recommended stop-loss: $1.99 (-5.00%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (HIHO) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Highway Holdings Limited to open at $2.11, and during the day (based on 14 day Average True Range), to move between $2.02 and $2.16, which gives a possible trading interval of +/-$0.0660 (+/-3.16%) up or down from last closing price. If Highway Holdings Limited takes out the full calculated possible swing range there will be an estimated 6.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.10 (0.48%) than the support at $2.07 (0.96%), 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 Highway Holdings Limited stock A Buy?

Highway Holdings Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.803 Hold/Accumulate Downgraded

Predicted Opening Price for Highway Holdings Limited of Monday, April 22, 2024

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