The Bank of East Asia, Limited Stock Forecast
Weaker technical forecast for The Bank of East Asia, Limited as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)
The The Bank of East Asia, Limited stock price gained 2.10% on the last trading day (Friday, 17th May 2024), rising from HK$10.48 to HK$10.70. During the last trading day the stock fluctuated 3.06% from a day low at HK$10.46 to a day high of HK$10.78. The price has risen in 6 of the last 10 days and is up by 5.94% 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, 390 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately HK$11.31 million.
The stock has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at HK$10.43, a level that may pose a second chance to hit a runner. According to fan-theory HK$11.60 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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0023.HK Signals & Forecast
The The Bank of East Asia, Limited 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$10.40 and HK$9.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 17.97%. 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. The stock had a Golden Star Signal on Tuesday, June 06, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Tuesday, June 06, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for The Bank of East Asia, Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$9.57 and HK$9.48. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, The Bank of East Asia, Limited finds support just below today's level at HK$9.57. If this is broken, then the next support from accumulated volume will be at HK$9.48 and HK$9.25.
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$0.320 between high and low, or 3.06%. For the last week, the stock has had daily average volatility of 2.13%.
The The Bank of East Asia, Limited stock is extremely overbought on RSI14 (86). 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$10.25 (-4.20%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (0023.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect The Bank of East Asia, Limited to open at HK$10.65, and during the day (based on 14 day Average True Range), to move between HK$10.46 and HK$10.94, which gives a possible trading interval of +/-HK$0.239 (+/-2.23%) up or down from last closing price. If The Bank of East Asia, Limited takes out the full calculated possible swing range there will be an estimated 4.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$9.57, some HK$1.13 (10.56%) from the current price of HK$10.70, our system finds the risk reward attractive.
Is The Bank of East Asia, Limited stock A Buy?
The Bank of East Asia, Limited 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. 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for The Bank of East Asia, Limited of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
HK$10.65 ( 0.498%) | HK$10.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0023.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.97 | 2.49 % | |
R2 | 10.84 | 1.35 % | ||
R1 | 10.77 | 0.644 % | ||
Current price: | 10.70 | |||
Support | S1 | 10.52 | -1.64 % | |
S2 | 10.45 | -2.35 % | ||
S3 | 10.33 | -3.49 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 10.70 | |||
Support | S1 | 9.57 | -10.56% | |
S2 | 9.48 | -11.40% | ||
S3 | 9.25 | -13.55% |
0023 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 06, 2024 | Mar 06, 2024 | Apr 08, 2024 | HK$0.180 | 1.96% |
2 | Mar 02, 2023 | Mar 02, 2023 | Mar 02, 2023 | HK$0.170 | 1.53% |
3 | Sep 30, 2022 | Sep 30, 2022 | Sep 30, 2022 | HK$0.480 | 5.58% |
4 | Sep 02, 2022 | Sep 02, 2022 | Sep 02, 2022 | HK$0.160 | 1.66% |
5 | Mar 10, 2022 | Mar 10, 2022 | Mar 10, 2022 | HK$0.350 | 2.86% |
FAQ
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