Angang Steel Company 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
A very strong day for Angang Steel Company Limited stock price on Friday
(Updated on May 10, 2024)
The Angang Steel Company Limited stock price gained 5.22% on the last trading day (Friday, 10th May 2024), rising from HK$1.34 to HK$1.41. During the last trading day the stock fluctuated 5.97% from a day low at HK$1.34 to a day high of HK$1.42. The price has risen in 6 of the last 10 days and is up by 9.3% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately HK$16.87 million.
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 -5.09% during the next 3 months and, with a 90% probability hold a price between HK$1.17 and HK$1.39 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
0347.HK Signals & Forecast
The Angang Steel Company Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$1.34 and HK$1.35. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -0.704%. 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$1.40 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$0.0800 between high and low, or 5.97%. For the last week, the stock has had daily average volatility of 4.09%.
Our recommended stop-loss: HK$1.36 (-3.75%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (0347.HK) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Angang Steel Company Limited to open at HK$1.39, and during the day (based on 14 day Average True Range), to move between HK$1.35 and HK$1.47, which gives a possible trading interval of +/-HK$0.0594 (+/-4.21%) 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 8.42% 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$1.40 (0.71%) than the resistance at HK$1.44 (2.13%), 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?
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 Sell to a Buy candidate.
Current score: 3.061 Buy Candidate Upgraded
Predicted Opening Price for Angang Steel Company Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| HK$1.39 ( 1.42%) | HK$1.41 |
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 | 1.47 | 4.26 % | |
| R2 | 1.44 | 2.09 % | ||
| R1 | 1.42 | 0.749 % | ||
| Current price: | 1.41 | |||
| Support | S1 | 1.36 | -3.59 % | |
| S2 | 1.34 | -4.92 % | ||
| S3 | 1.31 | -7.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.50 | 6.38 % | |
| R2 | 1.48 | 4.96 % | ||
| R1 | 1.44 | 2.13 % | ||
| Current price | 1.41 | |||
| Support | S1 | 1.40 | -0.709% | |
| S2 | 1.35 | -4.26% | ||
| S3 | 1.33 | -5.67% |
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
Click here for our free guide on how to buy Angang Steel Company Limited Stock.
