Qingdao Rural Commercial Bank Corp Stock Forecast
Weaker technical forecast for Qingdao Rural Commercial Bank Corp as stock downgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The Qingdao Rural Commercial Bank Corp stock price fell by -0.717% on the last day (Friday, 26th Apr 2024) from ¥2.79 to ¥2.77. During the last trading day the stock fluctuated 2.20% from a day low at ¥2.73 to a day high of ¥2.79. The price has fallen in 5 of the last 10 days but is still up by 4.14% over the past 2 weeks. Volume has increased on the last day by 18 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 66 million shares were bought and sold for approximately ¥183.43 million.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ¥2.79 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.53% during the next 3 months and, with a 90% probability hold a price between ¥2.67 and ¥2.86 at the end of this 3-month period.
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002958.SZ Signals & Forecast
The Qingdao Rural Commercial Bank Corp 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 ¥2.76 and ¥2.72. A breakdown below any of these levels will issue sell signals. 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 25, 2024, and so far it has fallen -0.717%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Monday, April 15, 2024 in the short-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
The stock had a Golden Star Signal on Monday, April 15, 2024 in the short-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 Qingdao Rural Commercial Bank Corp stock
Qingdao Rural Commercial Bank Corp finds support from accumulated volume at ¥2.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ¥0.0600 between high and low, or 2.20%. For the last week the stock has had daily average volatility of 2.20%.
Our recommended stop-loss: ¥2.68 (-3.17%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (002958.SZ) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Qingdao Rural Commercial Bank Corp to open at ¥2.76, and during the day (based on 14 day Average True Range), to move between ¥2.71 and ¥2.83, which gives a possible trading interval of +/-¥0.0608 (+/-2.20%) up or down from last closing price. If Qingdao Rural Commercial Bank Corp takes out the full calculated possible swing range there will be an estimated 4.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ¥2.78 (0.36%) than the support at ¥2.74 (1.08%), 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 Qingdao Rural Commercial Bank Corp stock A Buy?
Qingdao Rural Commercial Bank Corp 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: 0.196 Hold/Accumulate Downgraded
Predicted Opening Price for Qingdao Rural Commercial Bank Corp of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
¥2.76 ( 0.241%) | ¥2.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002958.SZ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.82 | 1.93 % | |
R2 | 2.80 | 1.10 % | ||
R1 | 2.79 | 0.587 % | ||
Current price: | 2.77 | |||
Support | S1 | 2.74 | -1.07 % | |
S2 | 2.73 | -1.58 % | ||
S3 | 2.70 | -2.41 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 2.79 | 0.722 % | ||
R1 | 2.78 | 0.361 % | ||
Current price | 2.77 | |||
Support | S1 | 2.74 | -1.08% | |
S2 | 2.72 | -1.81% | ||
S3 | 2.71 | -2.17% |
002958 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 08, 2022 | Jul 08, 2022 | Jul 08, 2022 | ¥0.100 | 3.17% |
2 | Jul 07, 2021 | Jul 07, 2021 | Jul 07, 2021 | ¥0.150 | 3.76% |
3 | Jun 16, 2020 | Jun 16, 2020 | Jun 16, 2020 | ¥0.150 | 3.66% |
4 | Jun 26, 2019 | Jun 26, 2019 | Jun 26, 2019 | ¥0.150 | 2.22% |
FAQ
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