China Tower Corporation Limited Stock Forecast
China Tower Corporation Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The China Tower Corporation Limited stock price gained 1.09% on the last trading day (Friday, 26th Apr 2024), rising from HK$0.92 to HK$0.93. During the last trading day the stock fluctuated 3.30% from a day low at HK$0.91 to a day high of HK$0.94. The price has risen in 5 of the last 10 days and is up by 2.2% 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, 165 million more shares were traded than the day before. In total, 299 million shares were bought and sold for approximately HK$277.86 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect China Tower Corporation Limited stock with a 90% probability to be traded between HK$0.88 and HK$1.01 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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0788.HK Signals & Forecast
Mostly positive signals in the chart today. The China Tower Corporation 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$0.90 and HK$0.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 5.68%. 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 China Tower Corporation Limited stock
China Tower Corporation Limited finds support from accumulated volume at HK$0.91 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 HK$0.0300 between high and low, or 3.30%. For the last week the stock has had daily average volatility of 3.15%.
Our recommended stop-loss: HK$0.89 (-4.52%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (0788.HK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect China Tower Corporation Limited to open at HK$0.93, and during the day (based on 14 day Average True Range), to move between HK$0.90 and HK$0.96, which gives a possible trading interval of +/-HK$0.0299 (+/-3.22%) up or down from last closing price. If China Tower Corporation Limited takes out the full calculated possible swing range there will be an estimated 6.43% 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$0.94 (1.08%) than the support at HK$0.91 (2.15%), 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 China Tower Corporation Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for China Tower Corporation Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 4.344 Buy Candidate Upgraded
Predicted Opening Price for China Tower Corporation Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| HK$0.93 ( 0.358%) | HK$0.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0788.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.96 | 2.87 % | |
| R2 | 0.95 | 1.64 % | ||
| R1 | 0.94 | 0.87 % | ||
| Current price: | 0.93 | |||
| Support | S1 | 0.92 | -1.59 % | |
| S2 | 0.91 | -2.35 % | ||
| S3 | 0.90 | -3.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.98 | 5.38 % | |
| R2 | 0.95 | 2.15 % | ||
| R1 | 0.94 | 1.08 % | ||
| Current price | 0.93 | |||
| Support | S1 | 0.91 | -2.15% | |
| S2 | 0.89 | -4.30% | ||
| S3 | 0.88 | -5.38% |
0788 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 23, 2024 | May 23, 2024 | Jun 28, 2024 | HK$0.0406 | 4.37% |
| 2 | May 16, 2023 | May 16, 2023 | May 16, 2023 | HK$0.0367 | 3.94% |
| 3 | May 16, 2022 | May 16, 2022 | May 16, 2022 | HK$0.0310 | 3.60% |
| 4 | May 17, 2021 | May 17, 2021 | May 17, 2021 | HK$0.0269 | 2.49% |
| 5 | May 26, 2020 | May 26, 2020 | May 26, 2020 | HK$0.0159 | 1.03% |
FAQ
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