CNOOC Limited Stock Forecast
Stronger technical forecast for CNOOC Limited stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The CNOOC Limited stock price gained 4.46% on the last trading day (Tuesday, 2nd Jul 2024), rising from HK$22.40 to HK$23.40. During the last trading day the stock fluctuated 2.84% from a day low at HK$22.90 to a day high of HK$23.55. The price has risen in 6 of the last 10 days and is up by 10.9% 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, 6 million more shares were traded than the day before. In total, 99 million shares were bought and sold for approximately HK$2.31 billion.
The stock lies in the upper part of a wide and strong rising 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$23.97 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 19.85% during the next 3 months and, with a 90% probability hold a price between HK$25.00 and HK$28.73 at the end of this 3-month period.
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0883.HK Signals & Forecast
The CNOOC 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$22.59 and HK$21.02. 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 Thursday, June 20, 2024, and so far it has fallen -0.426%. 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 CNOOC Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$20.50 and HK$20.45. 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, CNOOC Limited finds support just below today's level at HK$20.50. If this is broken, then the next support from accumulated volume will be at HK$20.45 and HK$20.30.
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$0.650 between high and low, or 2.84%. For the last week, the stock has had daily average volatility of 3.12%.
Our recommended stop-loss: HK$22.52 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (0883.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect CNOOC Limited to open at HK$23.28, and during the day (based on 14 day Average True Range), to move between HK$22.60 and HK$24.20, which gives a possible trading interval of +/-HK$0.797 (+/-3.40%) up or down from last closing price. If CNOOC Limited takes out the full calculated possible swing range there will be an estimated 6.81% 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$23.50 (0.43%) than the support at HK$20.50 (12.39%), 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 CNOOC Limited stock A Buy?
CNOOC Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.496 Strong Buy Candidate Upgraded
Predicted Opening Price for CNOOC Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$23.28 ( 0.499%) | HK$23.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0883.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.93 | 2.28% |
| R2 | 23.69 | 1.22% |
| R1 | 23.53 | 0.563% |
| Price | 23.40 | |
| S1 | 23.04 | -1.56% |
| S2 | 22.88 | -2.22% |
| S3 | 22.63 | -3.28% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 23.50 | 0.427% |
| Price | 23.40 | |
| S1 | 20.50 | -12.39% |
| S2 | 20.45 | -12.61% |
| S3 | 20.30 | -13.25% |
0883 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 13, 2024 | Jun 13, 2024 | Jul 12, 2024 | HK$0.660 | 2.82% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Oct 18, 2023 | HK$0.590 | 4.29% |
| 3 | Jun 08, 2023 | Jun 08, 2023 | Jun 08, 2023 | HK$0.750 | 6.37% |
| 4 | Sep 06, 2022 | Sep 06, 2022 | Sep 06, 2022 | HK$0.700 | 6.92% |
| 5 | Jun 09, 2022 | Jun 09, 2022 | Jun 09, 2022 | HK$1.18 | 10.33% |
FAQ
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