Sinopec Oilfield Equipment Corp Stock Forecast
Weaker technical forecast for Sinopec Oilfield Equipment Corp as stock downgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The Sinopec Oilfield Equipment Corp stock price fell by -1.41% on the last day (Friday, 10th May 2024) from ¥6.39 to ¥6.30. During the last trading day the stock fluctuated 3.04% from a day low at ¥6.25 to a day high of ¥6.44. The price has been going up and down for this period, and there has been a 0.8% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -5 million shares and in total, 11 million shares were bought and sold for approximately ¥66.76 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ¥6.13 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.27% during the next 3 months and, with a 90% probability hold a price between ¥6.27 and ¥7.15 at the end of this 3-month period.
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000852.SZ Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 3.45%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sinopec Oilfield Equipment Corp stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ¥6.36 and ¥6.51. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Sinopec Oilfield Equipment Corp stock
Sinopec Oilfield Equipment Corp finds support from accumulated volume at ¥6.29 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 ¥0.190 between high and low, or 3.04%. For the last week, the stock has had daily average volatility of 2.78%.
Our recommended stop-loss: ¥5.93 (-5.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (000852.SZ) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Sinopec Oilfield Equipment Corp to open at ¥6.33, and during the day (based on 14 day Average True Range), to move between ¥6.02 and ¥6.58, which gives a possible trading interval of +/-¥0.277 (+/-4.40%) up or down from last closing price. If Sinopec Oilfield Equipment Corp takes out the full calculated possible swing range there will be an estimated 8.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥6.29 (0.16%) than the resistance at ¥6.32 (0.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sinopec Oilfield Equipment Corp stock A Buy?
Sinopec Oilfield Equipment Corp 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: -0.634 Hold/Accumulate Downgraded
Predicted Opening Price for Sinopec Oilfield Equipment Corp of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ¥6.33 ( 0.476%) | ¥6.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 000852.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.52 | 3.49 % | |
| R2 | 6.45 | 2.34 % | ||
| R1 | 6.40 | 1.63 % | ||
| Current price: | 6.30 | |||
| Support | S1 | 6.26 | -0.676 % | |
| S2 | 6.21 | -1.39 % | ||
| S3 | 6.14 | -2.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.77 | 7.46 % | |
| R2 | 6.40 | 1.59 % | ||
| R1 | 6.32 | 0.317 % | ||
| Current price | 6.30 | |||
| Support | S1 | 6.29 | -0.159% | |
| S2 | 6.25 | -0.794% | ||
| S3 | 5.88 | -6.67% |
000852 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 01, 2014 | Aug 01, 2014 | Aug 01, 2014 | ¥0.0296 | 0.316% |
| 2 | May 17, 2013 | May 17, 2013 | May 17, 2013 | ¥0.118 | 1.24% |
| 3 | May 11, 2012 | May 11, 2012 | May 11, 2012 | ¥0.118 | 1.06% |
| 4 | Apr 28, 2011 | Apr 28, 2011 | Apr 28, 2011 | ¥0.118 | 1.48% |
| 5 | May 26, 2010 | May 26, 2010 | May 26, 2010 | ¥0.0592 | 1.07% |
FAQ
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