The Hong Kong and China Gas Co Ltd Stock Forecast
Green day on Tuesday for The Hong Kong and China Gas Co Ltd
(Updated on May 14, 2024)
The The Hong Kong and China Gas Co Ltd stock price gained 0.633% on the last trading day (Tuesday, 14th May 2024), rising from HK$6.32 to HK$6.36. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.95% from a day low at HK$6.33 to a day high of HK$6.39. The price has risen in 6 of the last 10 days and is up by 6.18% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 17 million shares were bought and sold for approximately HK$109.66 million.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. HK$6.35 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach HK$7.03 sometime during the next 3 months.
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0003.HK Signals & Forecast
Mostly positive signals in the chart today. The The Hong Kong and China Gas Co Ltd 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 HK$6.22 and HK$6.01. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 12.37%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for The Hong Kong and China Gas Co Ltd stock
The Hong Kong and China Gas Co Ltd finds support from accumulated volume at HK$6.32 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 HK$0.0600 between high and low, or 0.95%. For the last week, the stock has had daily average volatility of 1.63%.
The The Hong Kong and China Gas Co Ltd stock is extremely overbought on RSI14 (84). 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: HK$6.08 (-4.33%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (0003.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect The Hong Kong and China Gas Company Limited to open at HK$6.36, and during the day (based on 14 day Average True Range), to move between HK$6.24 and HK$6.48, which gives a possible trading interval of +/-HK$0.116 (+/-1.83%) up or down from last closing price. If The Hong Kong and China Gas Company Limited takes out the full calculated possible swing range there will be an estimated 3.66% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$6.32, some HK$0.0400 (0.63%) from the current price of HK$6.36, our system finds the risk reward attractive.
Is The Hong Kong and China Gas Company Limited stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal 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 The Hong Kong and China Gas Co Ltd stock to perform well in the short-term period.
Current score: 4.912 Buy Candidate Unchanged
Predicted Opening Price for The Hong Kong and China Gas Company Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| HK$6.36 ( 0.00000000%) | HK$6.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0003.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.42 | 0.94 % | |
| R2 | 6.40 | 0.583 % | ||
| R1 | 6.38 | 0.360 % | ||
| Current price: | 6.36 | |||
| Support | S1 | 6.34 | -0.360 % | |
| S2 | 6.32 | -0.583 % | ||
| S3 | 6.30 | -0.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.36 | |||
| Support | S1 | 6.32 | -0.629% | |
| S2 | 6.06 | -4.72% | ||
| S3 | 5.93 | -6.76% |
0003 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 06, 2024 | Jun 06, 2024 | Jun 24, 2024 | HK$0.230 | 3.62% |
| 2 | Aug 28, 2023 | Aug 28, 2023 | Aug 28, 2023 | HK$0.120 | 2.10% |
| 3 | Jun 09, 2023 | Jun 09, 2023 | Jun 09, 2023 | HK$0.230 | 3.30% |
| 4 | Sep 01, 2022 | Sep 01, 2022 | Sep 01, 2022 | HK$0.120 | 1.60% |
| 5 | Jun 08, 2022 | Jun 08, 2022 | Jun 08, 2022 | HK$0.230 | 2.70% |
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