Banco De Chile Stock Forecast

Banco De Chile stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 26, 2024)

BCH Signals & Forecast

There are mixed signals in the stock today. The Banco De Chile stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $22.48. On a fall, the stock will find some support from the short-term average at $22.19. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.97%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Thursday, March 14, 2024 and based on theory for this formation the price should fall by -0.460% to $22.10 within 17 trading days since signal was issued (Monday, April 29, 2024).

Support, Risk & Stop-loss for Banco De Chile stock

Banco De Chile finds support from accumulated volume at $22.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.320 (1.45%) between high and low. For the last week, the stock has had daily average volatility of 1.63%.

Our recommended stop-loss: $21.08 (-5.03%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (BCH) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Banco De Chile to open at $22.23, and during the day (based on 14 day Average True Range), to move between $21.75 and $22.65, which gives a possible trading interval of +/-$0.451 (+/-2.03%) up or down from last closing price. If Banco De Chile takes out the full calculated possible swing range there will be an estimated 4.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $22.27 (0.32%) than the support at $22.11 (0.41%), 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 Banco De Chile stock A Buy?

Banco De Chile holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.365 Hold/Accumulate Upgraded

Predicted Opening Price for Banco De Chile of Monday, April 29, 2024

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