Angang Steel Company Limited Stock Forecast
Green day on Thursday for Angang Steel Company Limited
(Updated on May 09, 2024)
The Angang Steel Company Limited stock price gained 3.08% on the last trading day (Thursday, 9th May 2024), rising from HK$1.30 to HK$1.34. During the last trading day the stock fluctuated 4.62% from a day low at HK$1.30 to a day high of HK$1.36. The price has risen in 6 of the last 10 days and is up by 4.69% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 5 million shares were bought and sold for approximately HK$6.33 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 middle of a 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 -5.51% during the next 3 months and, with a 90% probability hold a price between HK$1.16 and HK$1.38 at the end of this 3-month period.
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0347.HK Signals & Forecast
There are mixed signals in the stock today. 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$1.35. On a fall, the stock will find some support from the short-term average at HK$1.33. 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 -5.63%. Further fall is indicated until a new bottom 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.
Support, Risk & Stop-loss for Angang Steel Company Limited stock
Angang Steel Company Limited finds support from accumulated volume at HK$1.33 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$0.0600 between high and low, or 4.62%. For the last week, the stock has had daily average volatility of 3.96%.
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 Friday 10th
For the upcoming trading day on Friday, 10th 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$1.28 and HK$1.40, which gives a possible trading interval of +/-HK$0.0578 (+/-4.31%) 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 8.63% 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$1.35 (0.75%) than the support at HK$1.33 (0.75%), 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 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: -2.254 Sell Candidate Unchanged
Predicted Opening Price for Angang Steel Company Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| HK$1.33 ( 0.498%) | HK$1.34 |
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 | 1.39 | 3.98 % | |
| R2 | 1.37 | 2.27 % | ||
| R1 | 1.36 | 1.21 % | ||
| Current price: | 1.34 | |||
| Support | S1 | 1.31 | -2.21 % | |
| S2 | 1.30 | -3.26 % | ||
| S3 | 1.27 | -4.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.50 | 11.94 % | |
| R2 | 1.40 | 4.48 % | ||
| R1 | 1.35 | 0.746 % | ||
| Current price | 1.34 | |||
| Support | S1 | 1.33 | -0.746% | |
| S2 | 1.32 | -1.49% | ||
| S3 | 1.30 | -2.99% |
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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