CITIC Limited Stock Forecast
Green day on Friday for CITIC Limited
(Updated on Jun 28, 2024)
The CITIC Limited stock price gained 2.16% on the last trading day (Friday, 28th Jun 2024), rising from HK$6.95 to HK$7.10. During the last trading day the stock fluctuated 3.60% from a day low at HK$6.94 to a day high of HK$7.19. The price has fallen in 6 of the last 10 days and is down by -5.84% for this period. Volume fell on the last day by -14 million shares and in total, 13 million shares were bought and sold for approximately HK$95.83 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very 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$6.96 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 6.99% during the next 3 months and, with a 90% probability hold a price between HK$7.45 and HK$9.62 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 Thursday, June 27, 2024, and so far it has risen 2.16%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The CITIC Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$7.40 and HK$7.96. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CITIC Limited stock
CITIC Limited finds support from accumulated volume at HK$7.00 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$0.250 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 2.63%.
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 Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect CITIC Limited to open at HK$7.08, and during the day (based on 14 day Average True Range), to move between HK$6.86 and HK$7.34, which gives a possible trading interval of +/-HK$0.239 (+/-3.37%) up or down from last closing price. If CITIC Limited takes out the full calculated possible swing range there will be an estimated 6.73% 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$7.00 (1.41%) than the resistance at HK$7.27 (2.39%), 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?
The CITIC Limited stock holds several negative signals and despite the positive trend, we believe CITIC Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.243 Sell Candidate Unchanged
Predicted Opening Price for CITIC Limited of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$7.08 ( 0.329%) | HK$7.10 |
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 | 7.33 | 3.19% |
| R2 | 7.23 | 1.85% |
| R1 | 7.17 | 1.02% |
| Price | 7.10 | |
| S1 | 6.98 | -1.67% |
| S2 | 6.92 | -2.50% |
| S3 | 6.83 | -3.85% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.10 | 14.08% |
| R2 | 7.58 | 6.76% |
| R1 | 7.27 | 2.39% |
| Price | 7.10 | |
| S1 | 7.00 | -1.41% |
| S2 | 6.95 | -2.11% |
| S3 | 6.82 | -3.94% |
0267 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 27, 2024 | Jun 27, 2024 | Aug 16, 2024 | HK$0.362 | 5.08% |
| 2 | Jun 25, 2024 | Jun 25, 2024 | Jul 18, 2024 | HK$0.387 | 5.43% |
| 3 | Jun 20, 2024 | Jun 20, 2024 | Aug 16, 2024 | HK$0.363 | 5.09% |
| 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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