CNOOC Limited Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
![Bollinger Bottleneck Buy Pattern 1](https://stockinvest.us/assets/img/legend/boll_tight.gif?v=4acb9e3f64711d632b0cd32bad1a43b5bed911ae)
![Bollinger Bottleneck Buy Pattern 2](https://stockinvest.us/assets/img/legend/boll_tight2.gif?v=4acb9e3f64711d632b0cd32bad1a43b5bed911ae)
![Bollinger Bottleneck Sell Pattern](https://stockinvest.us/assets/img/legend/boll_tight3.gif?v=4acb9e3f64711d632b0cd32bad1a43b5bed911ae)
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for CNOOC Limited as stock downgraded to Buy Candidate.
(Updated on Jul 03, 2024)
No changes to the price of CNOOC Limited stock on the last trading day (Wednesday, 3rd Jul 2024). During the last trading day the stock fluctuated 3.02% from a day low at HK$23.20 to a day high of HK$23.90. The price has risen in 5 of the last 10 days and is up by 9.09% over the past 2 weeks.
The stock lies in the middle of a wide and 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 20.87% during the next 3 months and, with a 90% probability hold a price between HK$25.40 and HK$29.08 at the end of this 3-month period.
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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
Fair opening price July 4, 2024 | Current price |
---|---|
HK$23.50 ( 0.427%) | 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 | 24.20 | 3.42% |
R2 | 23.93 | 2.28% |
R1 | 23.77 | 1.57% |
Price | 23.40 | |
S1 | 23.23 | -0.715% |
S2 | 23.07 | -1.42% |
S3 | 22.80 | -2.56% |
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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