China Eastern Airlines Corp Ltd Stock Forecast
Evaluation of China Eastern Airlines Corp Ltd stock downgraded after the last trading session.
(Updated on May 06, 2024)
The China Eastern Airlines Corp Ltd stock price gained 1.98% on the last trading day (Monday, 6th May 2024), rising from HK$2.02 to HK$2.06. During the last trading day the stock fluctuated 1.97% from a day low at HK$2.03 to a day high of HK$2.07. The price has risen in 7 of the last 10 days and is up by 11.35% 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, 1 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately HK$7.73 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at HK$2.08 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect China Eastern Airlines Corp Ltd stock with a 90% probability to be traded between HK$1.83 and HK$2.08 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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0670.HK Signals & Forecast
The China Eastern Airlines Corp Ltd 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$2.03 and HK$1.97. 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 Thursday, May 02, 2024, and so far it has fallen -0.96%. Further fall is indicated until a new bottom pivot has been found.
A sell signal from a double top formation was found on Thursday, May 02, 2024 and based on theory for this formation the price should fall by -17.44% to HK$1.70 within 29 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for China Eastern Airlines Corp Ltd stock
China Eastern Airlines Corp Ltd finds support from accumulated volume at HK$2.05 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$0.0400 between high and low, or 1.97%. For the last week, the stock has had daily average volatility of 3.90%.
Our recommended stop-loss: HK$1.98 (-4.03%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (0670.HK) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect China Eastern Airlines Corporation Limited to open at HK$2.05, and during the day (based on 14 day Average True Range), to move between HK$1.99 and HK$2.13, which gives a possible trading interval of +/-HK$0.0728 (+/-3.53%) up or down from last closing price. If China Eastern Airlines Corporation Limited takes out the full calculated possible swing range there will be an estimated 7.07% 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$2.05 (0.49%) than the resistance at HK$2.08 (0.97%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is China Eastern Airlines Corporation Limited stock A Buy?
China Eastern Airlines Corp Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.037 Hold/Accumulate Downgraded
Predicted Opening Price for China Eastern Airlines Corporation Limited of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| HK$2.05 ( 0.324%) | HK$2.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0670.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.09 | 1.62 % | |
| R2 | 2.08 | 0.88 % | ||
| R1 | 2.07 | 0.418 % | ||
| Current price: | 2.06 | |||
| Support | S1 | 2.04 | -1.07 % | |
| S2 | 2.03 | -1.52 % | ||
| S3 | 2.01 | -2.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 2.08 | 0.97 % | ||
| Current price | 2.06 | |||
| Support | S1 | 2.05 | -0.485% | |
| S2 | 1.96 | -4.85% | ||
| S3 | 1.90 | -7.77% |
0670 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 08, 2020 | Jul 08, 2020 | Jul 08, 2020 | HK$0.0550 | 1.87% |
| 2 | Jun 25, 2018 | Jun 25, 2018 | Jun 25, 2018 | HK$0.0630 | 1.11% |
| 3 | Jul 03, 2017 | Jul 03, 2017 | Jul 03, 2017 | HK$0.0560 | 1.17% |
| 4 | Oct 31, 2016 | Oct 31, 2016 | Oct 31, 2016 | HK$0.0585 | 1.68% |
| 5 | Jul 27, 2005 | Jul 27, 2005 | Jul 27, 2005 | HK$0.0200 | 1.55% |
FAQ
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