CITIC Limited Stock Forecast
Red day on Thursday for CITIC Limited stock after losing 0.522%
(Updated on Jun 20, 2024)
The CITIC Limited stock price fell by -0.522% on the last day (Thursday, 20th Jun 2024) from HK$7.67 to HK$7.63. During the last trading day the stock fluctuated 2.25% from a day low at HK$7.56 to a day high of HK$7.73. The price has fallen in 8 of the last 10 days and is down by -6.15% for this period. 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 -2 million shares and in total, 16 million shares were bought and sold for approximately HK$119.09 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 HK$7.33 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 8.24% during the next 3 months and, with a 90% probability hold a price between HK$7.93 and HK$9.70 at the end of this 3-month period.
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0267.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 2.69%. 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 CITIC Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$8.00. On a fall, the stock will find some support from the short-term average at HK$7.57. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 CITIC Limited stock
CITIC Limited finds support from accumulated volume at HK$7.58 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 HK$0.170 between high and low, or 2.25%. For the last week, the stock has had daily average volatility of 2.72%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0267.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect CITIC Limited to open at HK$7.64, and during the day (based on 14 day Average True Range), to move between HK$7.40 and HK$7.86, which gives a possible trading interval of +/-HK$0.229 (+/-3.00%) up or down from last closing price. If CITIC Limited takes out the full calculated possible swing range there will be an estimated 6.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$7.58 (0.66%) than the resistance at HK$7.90 (3.54%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CITIC Limited stock A Buy?
CITIC Limited 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.
Current score: -3.396 Sell Candidate Unchanged
Predicted Opening Price for CITIC Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$7.64 ( 0.131%) | HK$7.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0267.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.81 | 2.36% |
| R2 | 7.75 | 1.51% |
| R1 | 7.70 | 0.98% |
| Price | 7.63 | |
| S1 | 7.58 | -0.720% |
| S2 | 7.53 | -1.25% |
| S3 | 7.47 | -2.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.22 | 7.73% |
| R2 | 8.10 | 6.16% |
| R1 | 7.90 | 3.54% |
| Price | 7.63 | |
| S1 | 7.58 | -0.655% |
| S2 | 7.27 | -4.72% |
| S3 | 7.00 | -8.26% |
0267 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 27, 2024 | Jun 27, 2024 | Aug 16, 2024 | HK$0.362 | 4.75% |
| 2 | Jun 25, 2024 | Jun 25, 2024 | Jul 18, 2024 | HK$0.387 | 5.08% |
| 3 | Jun 20, 2024 | Jun 20, 2024 | Aug 16, 2024 | HK$0.363 | 4.77% |
| 4 | Sep 22, 2023 | Sep 22, 2023 | Nov 16, 2023 | HK$0.196 | 2.73% |
| 5 | Jun 26, 2023 | Jun 26, 2023 | Jun 26, 2023 | HK$0.451 | 4.91% |
FAQ
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