CNOOC Limited Stock Forecast

Weaker technical forecast for CNOOC Limited as stock downgraded to Buy Candidate.
(Updated on Jul 03, 2024)

0883.HK Signals & Forecast

There are mixed signals in the stock today. 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). Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days. 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$22.68 and HK$21.11. A breakdown below any of these levels will issue sell signals.

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$0.700 between high and low, or 3.02%. For the last week, the stock has had daily average volatility of 3.28%.

Our recommended stop-loss: HK$22.50 (-3.83%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 28 days ago.)

Trading Expectations (0883.HK) For The Upcoming Trading Day Of Thursday 4th

For the upcoming trading day on Thursday, 4th we expect CNOOC Limited to open at HK$23.50, and during the day (based on 14 day Average True Range), to move between HK$22.61 and HK$24.19, which gives a possible trading interval of +/-HK$0.790 (+/-3.38%) up or down from last closing price. If CNOOC Limited takes out the full calculated possible swing range there will be an estimated 6.75% 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?

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 CNOOC Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 2.016 Buy Candidate Downgraded

Predicted Opening Price for CNOOC Limited of Thursday, July 4, 2024

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