China Petroleum & Chemical Corporation Stock Forecast
Green day on Friday for China Petroleum & Chemical Corporation
(Updated on Apr 26, 2024)
The China Petroleum & Chemical Corporation stock price gained 0.629% on the last trading day (Friday, 26th Apr 2024), rising from HK$4.77 to HK$4.80. During the last trading day the stock fluctuated 2.31% from a day low at HK$4.77 to a day high of HK$4.88. The price has risen in 6 of the last 10 days and is up by 5.03% 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, 50 million more shares were traded than the day before. In total, 121 million shares were bought and sold for approximately HK$580.30 million.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 13.99% during the next 3 months and, with a 90% probability hold a price between HK$5.23 and HK$5.63 at the end of this 3-month period.
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0386.HK Signals & Forecast
Mostly positive signals in the chart today. The China Petroleum & Chemical Corporation 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$4.69 and HK$4.56. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 6.19%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for China Petroleum & Chemical Corporation stock
China Petroleum & Chemical Corporation finds support from accumulated volume at HK$4.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.110 (2.31%) between high and low. For the last week, the stock has had daily average volatility of 2.62%.
Our recommended stop-loss: HK$4.60 (-4.07%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (0386.HK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect China Petroleum & Chemical Corporation to open at HK$4.82, and during the day (based on 14 day Average True Range), to move between HK$4.68 and HK$4.92, which gives a possible trading interval of +/-HK$0.122 (+/-2.55%) up or down from last closing price. If China Petroleum & Chemical Corporation takes out the full calculated possible swing range there will be an estimated 5.10% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$4.65, some HK$0.150 (3.12%) from the current price of HK$4.80, our system finds the risk reward attractive.
Is China Petroleum & Chemical Corporation stock A Buy?
China Petroleum & Chemical Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.479 Strong Buy Candidate Unchanged
Predicted Opening Price for China Petroleum & Chemical Corporation of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| HK$4.82 ( 0.347%) | HK$4.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0386.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.93 | 2.64 % | |
| R2 | 4.88 | 1.76 % | ||
| R1 | 4.86 | 1.22 % | ||
| Current price: | 4.80 | |||
| Support | S1 | 4.77 | -0.528 % | |
| S2 | 4.75 | -1.07 % | ||
| S3 | 4.71 | -1.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 4.80 | |||
| Support | S1 | 4.65 | -3.12% | |
| S2 | 4.61 | -3.96% | ||
| S3 | 4.37 | -8.96% |
0386 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 12, 2023 | Jun 12, 2023 | Jun 12, 2023 | HK$0.217 | 4.47% |
| 2 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | HK$0.185 | 5.37% |
| 3 | May 31, 2022 | May 31, 2022 | May 31, 2022 | HK$0.362 | 9.54% |
| 4 | Sep 09, 2021 | Sep 09, 2021 | Sep 09, 2021 | HK$0.192 | 5.06% |
| 5 | Jun 08, 2021 | Jun 08, 2021 | Jun 08, 2021 | HK$0.157 | 3.84% |
FAQ
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