Bank of Ningbo Co., Ltd. Stock Forecast
Evaluation of Bank of Ningbo Co., Ltd. stock downgraded after the last trading session.
(Updated on Apr 26, 2024)
The Bank of Ningbo Co., Ltd. stock price fell by -1.17% on the last day (Friday, 26th Apr 2024) from ¥22.19 to ¥21.93. During the last trading day the stock fluctuated 2.43% from a day low at ¥21.82 to a day high of ¥22.35. The price has fallen in 6 of the last 10 days but is still up by 3.64% over the past 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 -1 million shares and in total, 31 million shares were bought and sold for approximately ¥668.90 million.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ¥22.31 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Bank of Ningbo Co., Ltd. stock with a 90% probability to be traded between ¥20.22 and ¥22.10 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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002142.SZ Signals & Forecast
The Bank of Ningbo Co., Ltd. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ¥22.07. On a fall, the stock will find some support from the long-term average at approximately ¥21.36. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -1.79%. Further fall is indicated until a new bottom pivot has been found. 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 Bank of Ningbo Co., Ltd. stock
Bank of Ningbo Co., Ltd. finds support from accumulated volume at ¥21.67 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 ¥0.530 between high and low, or 2.43%. For the last week, the stock has had daily average volatility of 2.67%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002142.SZ) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Bank of Ningbo Co., Ltd. to open at ¥22.03, and during the day (based on 14 day Average True Range), to move between ¥21.09 and ¥22.77, which gives a possible trading interval of +/-¥0.84 (+/-3.85%) up or down from last closing price. If Bank of Ningbo Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥21.98 (0.23%) than the support at ¥21.67 (1.19%), 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 Bank of Ningbo Co., Ltd. stock A Buy?
Bank of Ningbo 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 Buy to a Sell candidate.
Current score: -2.129 Sell Candidate Downgraded
Predicted Opening Price for Bank of Ningbo Co., Ltd. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| ¥22.03 ( 0.471%) | ¥21.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002142.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.56 | 2.89 % | |
| R2 | 22.36 | 1.96 % | ||
| R1 | 22.24 | 1.39 % | ||
| Current price: | 21.93 | |||
| Support | S1 | 21.83 | -0.452 % | |
| S2 | 21.71 | -1.02 % | ||
| S3 | 21.50 | -1.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.97 | 4.74 % | |
| R2 | 22.15 | 1.00 % | ||
| R1 | 21.98 | 0.228 % | ||
| Current price | 21.93 | |||
| Support | S1 | 21.67 | -1.19% | |
| S2 | 21.18 | -3.42% | ||
| S3 | 20.79 | -5.20% |
002142 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 12, 2023 | Jul 12, 2023 | Jul 12, 2023 | ¥0.500 | 2.01% |
| 2 | Jul 12, 2022 | Jul 12, 2022 | Jul 12, 2022 | ¥0.500 | 1.48% |
| 3 | Jul 09, 2021 | Jul 09, 2021 | Jul 09, 2021 | ¥0.478 | 1.36% |
| 4 | Jul 09, 2020 | Jul 09, 2020 | Jul 09, 2020 | ¥0.478 | 1.50% |
| 5 | Jul 10, 2019 | Jul 10, 2019 | Jul 10, 2019 | ¥0.382 | 1.72% |
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