Angang Steel Company Limited Stock Forecast
Angang Steel Company Limited stock price up 4.65% on Friday
(Updated on Apr 26, 2024)
The Angang Steel Company Limited stock price gained 4.65% on the last trading day (Friday, 26th Apr 2024), rising from HK$1.29 to HK$1.35. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.09% from a day low at HK$1.27 to a day high of HK$1.36. The price has been going up and down for this period, and there has been a -0.74% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately HK$7.86 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Angang Steel Company Limited stock with a 90% probability to be traded between HK$1.28 and HK$1.55 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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0347.HK Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Angang Steel Company 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$1.38. On a fall, the stock will find some support from the short-term average at HK$1.30. 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. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -4.93%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Angang Steel Company Limited stock
Angang Steel Company Limited finds support from accumulated volume at HK$1.34 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$0.0900 between high and low, or 7.09%. For the last week, the stock has had daily average volatility of 4.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0347.HK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Angang Steel Company Limited to open at HK$1.33, and during the day (based on 14 day Average True Range), to move between HK$1.29 and HK$1.41, which gives a possible trading interval of +/-HK$0.0558 (+/-4.13%) up or down from last closing price. If Angang Steel Company Limited takes out the full calculated possible swing range there will be an estimated 8.27% 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$1.34 (0.74%) than the resistance at HK$1.40 (3.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Angang Steel Company Limited stock A Buy?
Angang Steel Company 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: -1.345 Sell Candidate Unchanged
Predicted Opening Price for Angang Steel Company Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| HK$1.33 ( 1.73%) | HK$1.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0347.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.42 | 4.94 % | |
| R2 | 1.38 | 2.39 % | ||
| R1 | 1.36 | 0.82 % | ||
| Current price: | 1.35 | |||
| Support | S1 | 1.29 | -4.28 % | |
| S2 | 1.27 | -5.85 % | ||
| S3 | 1.24 | -8.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.50 | 11.11 % | |
| R2 | 1.48 | 9.63 % | ||
| R1 | 1.40 | 3.70 % | ||
| Current price | 1.35 | |||
| Support | S1 | 1.34 | -0.741% | |
| S2 | 1.33 | -1.48% | ||
| S3 | 1.29 | -4.44% |
0347 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 01, 2023 | Jun 01, 2023 | Jun 01, 2023 | HK$0.0076 | 0.376% |
| 2 | May 31, 2022 | May 31, 2022 | May 31, 2022 | HK$0.259 | 7.78% |
| 3 | May 31, 2021 | May 31, 2021 | May 31, 2021 | HK$0.101 | 2.02% |
| 4 | Jun 01, 2020 | Jun 01, 2020 | Jun 01, 2020 | HK$0.0620 | 3.39% |
| 5 | May 30, 2019 | May 30, 2019 | May 30, 2019 | HK$0.193 | 5.44% |
FAQ
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