Shandong Molong Petroleum Machinery Co Stock Forecast
High volatility in Shandong Molong Petroleum Machinery Co stock price on Friday which ended trading at HK$1.13
(Updated on May 10, 2024)
The Shandong Molong Petroleum Machinery Co stock price fell by -4.24% on the last day (Friday, 10th May 2024) from HK$1.18 to HK$1.13. During the last trading day the stock fluctuated 20.00% from a day low at HK$1.00 to a day high of HK$1.20. The price has risen in 5 of the last 10 days and is up by 7.62% over the past 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately HK$1.71 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$1.28 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -47.06% during the next 3 months and, with a 90% probability hold a price between HK$0.264 and HK$0.679 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.
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0568.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 03, 2024, and so far it has risen 14.14%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Shandong Molong Petroleum Machinery Co stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$1.17 and HK$1.27. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Shandong Molong Petroleum Machinery Co stock
Shandong Molong Petroleum Machinery Co finds support from accumulated volume at HK$1.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.200 between high and low, or 20.00%. For the last week, the stock has had daily average volatility of 7.87%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0568.HK) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Shandong Molong Petroleum Machinery Company Limited to open at HK$1.11, and during the day (based on 14 day Average True Range), to move between HK$1.04 and HK$1.22, which gives a possible trading interval of +/-HK$0.0938 (+/-8.30%) up or down from last closing price. If Shandong Molong Petroleum Machinery Company Limited takes out the full calculated possible swing range there will be an estimated 16.61% 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$1.10 (2.65%) than the resistance at HK$1.16 (2.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Shandong Molong Petroleum Machinery Company Limited stock A Buy?
Shandong Molong Petroleum Machinery Co holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.940 Sell Candidate Unchanged
Predicted Opening Price for Shandong Molong Petroleum Machinery Company Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| HK$1.11 ( 1.77%) | HK$1.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0568.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.31 | 15.93 % | |
| R2 | 1.23 | 9.17 % | ||
| R1 | 1.19 | 4.99 % | ||
| Current price: | 1.13 | |||
| Support | S1 | 1.03 | -8.53 % | |
| S2 | 0.99 | -12.71 % | ||
| S3 | 0.91 | -19.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.20 | 6.19 % | |
| R2 | 1.19 | 5.31 % | ||
| R1 | 1.16 | 2.65 % | ||
| Current price | 1.13 | |||
| Support | S1 | 1.10 | -2.65% | |
| S2 | 1.09 | -3.54% | ||
| S3 | 0.99 | -12.39% |
0568 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 11, 2013 | Jul 11, 2013 | Jul 11, 2013 | HK$0.0500 | 2.15% |
| 2 | Jun 07, 2012 | Jun 07, 2012 | Jun 07, 2012 | HK$0.0500 | 1.97% |
| 3 | Jun 02, 2011 | Jun 02, 2011 | Jun 02, 2011 | HK$0.0896 | 2.24% |
| 4 | Feb 24, 2010 | Feb 24, 2010 | Feb 24, 2010 | HK$0.0600 | 1.28% |
| 5 | Jun 22, 2009 | Jun 22, 2009 | Jun 22, 2009 | HK$0.100 | 1.74% |
FAQ
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