Orient Overseas (International) Limited Stock Forecast

Orient Overseas (International) Limited stock upgraded to Buy Candidate.
(Updated on May 03, 2024)

0316.HK Signals & Forecast

Mostly positive signals in the chart today. The Orient Overseas (International) 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$109.73 and HK$106.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 22.46%. 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 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. The stock had a Golden Star Signal on Friday, February 16, 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 Orient Overseas (International) Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$99.70 and HK$96.15. 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, Orient Overseas (International) Limited finds support just below today's level at HK$99.70. If this is broken, then the next support from accumulated volume will be at HK$96.15 and HK$93.90.

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$4.00 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 3.83%.

Our recommended stop-loss: HK$109.71 (-4.18%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (0316.HK) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Orient Overseas (International) Limited to open at HK$113.63, and during the day (based on 14 day Average True Range), to move between HK$110.23 and HK$118.77, which gives a possible trading interval of +/-HK$4.27 (+/-3.73%) up or down from last closing price. If Orient Overseas (International) Limited takes out the full calculated possible swing range there will be an estimated 7.47% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$115.40 (0.79%) than the support at HK$99.70 (12.93%), 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 Orient Overseas (International) Limited 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: 1.504 Buy Candidate Upgraded

Predicted Opening Price for Orient Overseas (International) Limited of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.