COSCO SHIPPING Technology Co Ltd Stock Forecast
Stronger technical forecast for COSCO SHIPPING Technology Co Ltd stock price after Thursday trading.
(Updated on May 09, 2024)
The COSCO SHIPPING Technology Co Ltd stock price gained 2.30% on the last trading day (Thursday, 9th May 2024), rising from ¥16.55 to ¥16.93. During the last trading day the stock fluctuated 3.45% from a day low at ¥16.51 to a day high of ¥17.08. The price has risen in 6 of the last 10 days and is up by 3.29% 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, 2 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately ¥147.86 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.52% during the next 3 months and, with a 90% probability hold a price between ¥14.46 and ¥17.31 at the end of this 3-month period.
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002401.SZ Signals & Forecast
Mostly positive signals in the chart today. The COSCO SHIPPING Technology Co Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ¥16.75 and ¥16.78. 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 9.94%. 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 COSCO SHIPPING Technology Co Ltd stock
COSCO SHIPPING Technology Co Ltd finds support from accumulated volume at ¥16.81 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 ¥0.570 between high and low, or 3.45%. For the last week, the stock has had daily average volatility of 3.65%.
Our recommended stop-loss: ¥16.07 (-5.09%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (002401.SZ) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect COSCO SHIPPING Technology Co Ltd to open at ¥16.84, and during the day (based on 14 day Average True Range), to move between ¥16.13 and ¥17.73, which gives a possible trading interval of +/-¥0.799 (+/-4.72%) up or down from last closing price. If COSCO SHIPPING Technology Co Ltd takes out the full calculated possible swing range there will be an estimated 9.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ¥16.81 (0.71%) than the resistance at ¥17.46 (3.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is COSCO SHIPPING Technology Co Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.424 Buy Candidate Upgraded
Predicted Opening Price for COSCO SHIPPING Technology Co Ltd of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ¥16.84 ( 0.532%) | ¥16.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002401.SZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.41 | 2.84 % | |
| R2 | 17.19 | 1.55 % | ||
| R1 | 17.06 | 0.755 % | ||
| Current price: | 16.93 | |||
| Support | S1 | 16.62 | -1.82 % | |
| S2 | 16.49 | -2.61 % | ||
| S3 | 16.27 | -3.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.78 | 10.93 % | |
| R2 | 18.76 | 10.81 % | ||
| R1 | 17.46 | 3.13 % | ||
| Current price | 16.93 | |||
| Support | S1 | 16.81 | -0.709% | |
| S2 | 16.26 | -3.96% | ||
| S3 | 15.85 | -6.38% |
002401 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 13, 2023 | Jul 13, 2023 | Jul 13, 2023 | ¥0.120 | 0.516% |
| 2 | Jul 11, 2022 | Jul 11, 2022 | Jul 11, 2022 | ¥0.120 | 1.36% |
| 3 | Jul 08, 2021 | Jul 08, 2021 | Jul 08, 2021 | ¥0.0830 | 0.85% |
| 4 | Aug 20, 2020 | Aug 20, 2020 | Aug 20, 2020 | ¥0.0417 | 0.319% |
| 5 | Aug 13, 2019 | Aug 13, 2019 | Aug 13, 2019 | ¥0.0417 | 0.449% |
FAQ
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