COSCO SHIPPING International (Hong Kong) Stock Forecast
COSCO SHIPPING International (Hong Kong) stock upgraded to Strong Buy Candidate.
(Updated on Apr 30, 2024)
The COSCO SHIPPING International (Hong Kong) stock price gained 1.65% on the last trading day (Tuesday, 30th Apr 2024), rising from HK$3.64 to HK$3.70. During the last trading day the stock fluctuated 1.64% from a day low at HK$3.66 to a day high of HK$3.72. The price has risen in 6 of the last 10 days and is up by 3.64% 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, 977 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately HK$7.60 million.
The stock lies in the middle of a wide and weak 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 4.58% during the next 3 months and, with a 90% probability hold a price between HK$3.57 and HK$4.04 at the end of this 3-month period.
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0517.HK Signals & Forecast
Mostly positive signals in the chart today. The COSCO SHIPPING International (Hong Kong) 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$3.65 and HK$3.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 10.12%. 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 COSCO SHIPPING International (Hong Kong) stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$3.50 and HK$3.46. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, COSCO SHIPPING International (Hong Kong) finds support just below today's level at HK$3.50. If this is broken, then the next support from accumulated volume will be at HK$3.46 and HK$3.36.
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$0.0600 (1.64%) between high and low. For the last week, the stock has had daily average volatility of 1.76%.
Our recommended stop-loss: HK$3.48 (-5.88%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (0517.HK) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect COSCO SHIPPING International (Hong Kong) Co., Ltd. to open at HK$3.69, and during the day (based on 14 day Average True Range), to move between HK$3.60 and HK$3.80, which gives a possible trading interval of +/-HK$0.0951 (+/-2.57%) up or down from last closing price. If COSCO SHIPPING International (Hong Kong) Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.14% 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$3.77 (1.89%) than the support at HK$3.50 (5.41%), 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 COSCO SHIPPING International (Hong Kong) Co., Ltd. stock A Buy?
COSCO SHIPPING International (Hong Kong) holds several positive signals and is within a weak 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.068 Strong Buy Candidate Upgraded
Predicted Opening Price for COSCO SHIPPING International (Hong Kong) Co., Ltd. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| HK$3.69 ( 0.180%) | HK$3.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0517.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.75 | 1.44 % | |
| R2 | 3.73 | 0.82 % | ||
| R1 | 3.72 | 0.439 % | ||
| Current price: | 3.70 | |||
| Support | S1 | 3.67 | -0.800 % | |
| S2 | 3.66 | -1.18 % | ||
| S3 | 3.63 | -1.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 3.77 | 1.89 % | ||
| Current price | 3.70 | |||
| Support | S1 | 3.50 | -5.41% | |
| S2 | 3.46 | -6.49% | ||
| S3 | 3.36 | -9.19% |
0517 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 06, 2024 | Jun 06, 2024 | Jun 28, 2024 | HK$0.175 | 4.74% |
| 2 | Sep 11, 2023 | Sep 11, 2023 | Sep 11, 2023 | HK$0.225 | 7.55% |
| 3 | Sep 07, 2023 | Sep 07, 2023 | Sep 07, 2023 | HK$0.225 | 6.76% |
| 4 | Jun 05, 2023 | Jun 05, 2023 | Jun 05, 2023 | HK$0.115 | 4.49% |
| 5 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | HK$0.110 | 5.24% |
FAQ
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