Chunghwa Telecom Co Ltd Stock Forecast
Chunghwa Telecom Co Ltd stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 10, 2024)
The Chunghwa Telecom Co Ltd stock price fell by -1.06% on the last day (Friday, 10th May 2024) from $38.83 to $38.42. During the last trading day the stock fluctuated 1.55% from a day low at $38.16 to a day high of $38.75. The price has risen in 6 of the last 10 days and is up by 1.43% over the past 2 weeks. Volume has increased on the last day by 42 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, 71 thousand shares were bought and sold for approximately $2.73 million.
The stock is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Chunghwa Telecom Co Ltd stock with a 90% probability to be traded between $37.46 and $39.30 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CHT Signals & Forecast
There are mixed signals in the stock today. The Chunghwa Telecom Co Ltd 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 $38.57. On a fall, the stock will find some support from the short-term average at $38.41. 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. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -1.06%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Tuesday, April 30, 2024 and based on theory for this formation the price should go up by 7.58% to $41.33 within 42 trading days since signal was issued (Monday, May 13, 2024).
Support, Risk & Stop-loss for Chunghwa Telecom Co Ltd stock
Chunghwa Telecom Co Ltd finds support from accumulated volume at $38.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.590 between high and low, or 1.55%. For the last week the stock has had daily average volatility of 0.92%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHT) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Chunghwa Telecom Co Ltd to open at $38.44, and during the day (based on 14 day Average True Range), to move between $37.99 and $38.85, which gives a possible trading interval of +/-$0.433 (+/-1.13%) up or down from last closing price. If Chunghwa Telecom Co Ltd takes out the full calculated possible swing range there will be an estimated 2.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $38.48 (0.16%) than the support at $38.24 (0.47%), 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 Chunghwa Telecom Co Ltd stock A Buy?
Chunghwa Telecom Co Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.214 Sell Candidate Downgraded
Predicted Opening Price for Chunghwa Telecom Co Ltd of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $38.44 ( 0.0607%) | $38.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.03 | 1.60 % | |
| R2 | 38.81 | 1.01 % | ||
| R1 | 38.67 | 0.647 % | ||
| Current price: | 38.42 | |||
| Support | S1 | 38.22 | -0.526 % | |
| S2 | 38.08 | -0.89 % | ||
| S3 | 37.85 | -1.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.59 | 0.442 % | |
| R2 | 38.50 | 0.208 % | ||
| R1 | 38.48 | 0.156 % | ||
| Current price | 38.42 | |||
| Support | S1 | 38.24 | -0.469% | |
| S2 | 38.00 | -1.09% | ||
| S3 | 37.87 | -1.43% |
CHT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 02, 2023 | Jun 28, 2023 | Aug 14, 2023 | $1.53 | 4.16% |
| 2 | Jun 01, 2022 | Jun 29, 2022 | Aug 12, 2022 | $1.59 | 3.84% |
| 3 | Aug 09, 2021 | Aug 24, 2021 | Oct 05, 2021 | $1.55 | 3.92% |
| 4 | Jun 09, 2020 | Jul 01, 2020 | Aug 13, 2020 | $1.42 | 3.84% |
| 5 | Jul 24, 2019 | Jul 24, 2019 | Sep 05, 2019 | $1.44 | 4.14% |
FAQ
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