Sino Oil and Gas Holdings Limited Stock Forecast

High volatility in Sino Oil and Gas Holdings Limited stock price on Friday which ended trading at HK$0.0750
(Updated on Jun 28, 2024)

0702.HK Signals & Forecast

The Sino Oil and Gas Holdings Limited 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 HK$0.0717 and HK$0.0732. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 19, 2024, and so far it has risen 10.29%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Sino Oil and Gas Holdings Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.0710 and HK$0.0680. 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, Sino Oil and Gas Holdings Limited finds support just below today's level at HK$0.0710. If this is broken, then the next support from accumulated volume will be at HK$0.0680 and HK$0.0650.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved HK$0.0090 between high and low, or 12.86%. For the last week the stock has had daily average volatility of 9.81%.

Our recommended stop-loss: HK$0.0709 (-5.46%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 20 days ago.)

Trading Expectations (0702.HK) For The Upcoming Trading Day Of Tuesday 2nd

For the upcoming trading day on Tuesday, 2nd we expect Sino Oil and Gas Holdings Limited to open at HK$0.0747, and during the day (based on 14 day Average True Range), to move between HK$0.0671 and HK$0.0829, which gives a possible trading interval of +/-HK$0.0079 (+/-10.49%) up or down from last closing price. If Sino Oil and Gas Holdings Limited takes out the full calculated possible swing range there will be an estimated 20.97% 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$0.0770 (2.67%) than the support at HK$0.0710 (5.33%), 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 Sino Oil and Gas Holdings Limited stock A Buy?

Sino Oil and Gas Holdings Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.103 Hold/Accumulate Upgraded

Predicted Opening Price for Sino Oil and Gas Holdings Limited of Tuesday, July 2, 2024

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