Shinhan Financial Group Co., Ltd. Stock Forecast

Evaluation of Shinhan Financial Group Co., Ltd. stock downgraded after the last trading session.
(Updated on Jun 25, 2024)

055550.KS Signals & Forecast

The Shinhan Financial Group Co., Ltd. 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 ₩46,992.86 and ₩47,061.43. 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). 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 Monday, May 20, 2024, and so far it has fallen -3.16%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Friday, August 18, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Shinhan Financial Group Co., Ltd. stock

Shinhan Financial Group Co., Ltd. finds support from accumulated volume at ₩47,000.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₩1,100.00 between high and low, or 2.32%. For the last week the stock has had daily average volatility of 2.07%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (055550.KS) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Shinhan Financial Group Co., Ltd. to open at ₩47,750.00, and during the day (based on 14 day Average True Range), to move between ₩46,132.21 and ₩48,767.79, which gives a possible trading interval of +/-₩1,317.79 (+/-2.78%) up or down from last closing price. If Shinhan Financial Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₩47,750.00 (0.63%) than the support at ₩47,000.00 (0.95%), 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 Shinhan Financial Group Co., Ltd. stock A Buy?

Shinhan Financial Group Co., Ltd. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.573 Sell Candidate Downgraded

Predicted Opening Price for Shinhan Financial Group Co., Ltd. of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.