Yanchang Petroleum International Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of Yanchang Petroleum International Limited stock downgraded after the last trading session.
(Updated on May 24, 2024)
The Yanchang Petroleum International Limited stock price fell by -2.50% on the last day (Friday, 24th May 2024) from HK$0.400 to HK$0.390. During the last trading day the stock fluctuated 1.28% from a day low at HK$0.390 to a day high of HK$0.395. The price has fallen in 4 of the last 10 days and is down by -2.5% for this period. Volume has increased on the last day by 46 thousand 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, 225 thousand shares were bought and sold for approximately HK$87.75 thousand.
The stock lies in the middle of a very 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 -10.54% during the next 3 months and, with a 90% probability hold a price between HK$0.282 and HK$0.454 at the end of this 3-month period.
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0346.HK Signals & Forecast
There are few to no technical positive signals at the moment. The Yanchang Petroleum International 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$0.407 and HK$0.413. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 06, 2024, and so far it has fallen -30.36%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Yanchang Petroleum International Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Yanchang Petroleum International Limited stock
Yanchang Petroleum International Limited finds support from accumulated volume at HK$0.375 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$0.0050 between high and low, or 1.28%. For the last week, the stock has had daily average volatility of 2.76%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0346.HK) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect Yanchang Petroleum International Limited to open at HK$0.392, and during the day (based on 14 day Average True Range), to move between HK$0.367 and HK$0.413, which gives a possible trading interval of +/-HK$0.0228 (+/-5.84%) up or down from last closing price. If Yanchang Petroleum International Limited takes out the full calculated possible swing range there will be an estimated 11.69% 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$0.400 (2.56%) than the support at HK$0.375 (3.85%), 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 Yanchang Petroleum International Limited stock A Buy?
Yanchang Petroleum International Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.528 Strong Sell Candidate Downgraded
Predicted Opening Price for Yanchang Petroleum International Limited of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| HK$0.392 ( 0.427%) | HK$0.390 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0346.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.397 | 1.71 % | |
| R2 | 0.395 | 1.22 % | ||
| R1 | 0.394 | 0.92 % | ||
| Current price: | 0.390 | |||
| Support | S1 | 0.390 | -0.0624 % | |
| S2 | 0.389 | -0.365 % | ||
| S3 | 0.387 | -0.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.430 | 10.26 % | |
| R2 | 0.415 | 6.41 % | ||
| R1 | 0.400 | 2.56 % | ||
| Current price | 0.390 | |||
| Support | S1 | 0.375 | -3.85% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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