PetroChina Company Limited Stock Forecast
PetroChina Company Limited stock price up 1.34% on Friday
(Updated on May 17, 2024)
The PetroChina Company Limited stock price gained 1.34% on the last trading day (Friday, 17th May 2024), rising from HK$7.47 to HK$7.57. During the last trading day the stock fluctuated 2.43% from a day low at HK$7.42 to a day high of HK$7.60. The price has risen in 7 of the last 10 days and is up by 6.62% 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, 56 million more shares were traded than the day before. In total, 183 million shares were bought and sold for approximately HK$1.39 billion.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 29.84% during the next 3 months and, with a 90% probability hold a price between HK$9.59 and HK$10.13 at the end of this 3-month period.
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0857.HK Signals & Forecast
The PetroChina Company Limited 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$7.50 and HK$7.25. A breakdown below any of these levels will issue sell signals. 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 Friday, May 10, 2024, and so far it has fallen -1.43%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for PetroChina Company Limited stock
PetroChina Company Limited finds support from accumulated volume at HK$7.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.180 (2.43%) between high and low. For the last week, the stock has had daily average volatility of 3.32%.
Our recommended stop-loss: HK$7.24 (-4.34%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (0857.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect PetroChina Company Limited to open at HK$7.53, and during the day (based on 14 day Average True Range), to move between HK$7.34 and HK$7.80, which gives a possible trading interval of +/-HK$0.235 (+/-3.10%) up or down from last closing price. If PetroChina Company Limited takes out the full calculated possible swing range there will be an estimated 6.20% 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$7.54 (0.40%) than the resistance at HK$7.62 (0.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PetroChina Company Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for PetroChina Company Limited stock to perform well in the short-term.
Current score: 4.183 Buy Candidate Unchanged
Predicted Opening Price for PetroChina Company Limited of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
HK$7.53 ( 0.528%) | HK$7.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0857.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.71 | 1.85 % | |
R2 | 7.64 | 0.94 % | ||
R1 | 7.60 | 0.380 % | ||
Current price: | 7.57 | |||
Support | S1 | 7.46 | -1.44 % | |
S2 | 7.42 | -2.00 % | ||
S3 | 7.35 | -2.91 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 7.68 | 1.45 % | ||
R1 | 7.62 | 0.661 % | ||
Current price | 7.57 | |||
Support | S1 | 7.54 | -0.396% | |
S2 | 7.32 | -3.30% | ||
S3 | 6.26 | -17.31% |
0857 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 18, 2024 | Jun 18, 2024 | Jul 29, 2024 | HK$0.250 | 3.29% |
2 | Sep 12, 2023 | Sep 12, 2023 | Sep 12, 2023 | HK$0.229 | 4.17% |
3 | Jun 20, 2023 | Jun 20, 2023 | Jun 20, 2023 | HK$0.243 | 4.48% |
4 | Sep 09, 2022 | Sep 09, 2022 | Sep 09, 2022 | HK$0.233 | 6.67% |
5 | Jun 20, 2022 | Jun 20, 2022 | Jun 20, 2022 | HK$0.113 | 2.98% |
FAQ
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