Sinopec Oilfield Service Corporation Stock Forecast
Sinopec Oilfield Service Corporation stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
No changes to the price of Sinopec Oilfield Service Corporation stock on the last trading day (Tuesday, 2nd Jul 2024). During the last trading day the stock fluctuated 2.00% from a day low at HK$0.500 to a day high of HK$0.510. The price has risen in 4 of the last 10 days.
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 Sinopec Oilfield Service Corporation stock with a 90% probability to be traded between HK$0.487 and HK$0.581 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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1033.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 27, 2024, and so far it has risen 4.08%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sinopec Oilfield Service Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$0.534. On a fall, the stock will find some support from the short-term average at HK$0.505. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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.
Support, Risk & Stop-loss for Sinopec Oilfield Service Corporation stock
Sinopec Oilfield Service Corporation finds support from accumulated volume at HK$0.500 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$0.0100 (2.00%) between high and low. For the last week, the stock has had daily average volatility of 3.26%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1033.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Sinopec Oilfield Service Corporation to open at HK$0.507, and during the day (based on 14 day Average True Range), to move between HK$0.491 and HK$0.529, which gives a possible trading interval of +/-HK$0.0193 (+/-3.78%) up or down from last closing price. If Sinopec Oilfield Service Corporation takes out the full calculated possible swing range there will be an estimated 7.57% 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$0.520 (1.96%) than the support at HK$0.500 (1.96%), 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 Sinopec Oilfield Service Corporation stock A Buy?
Sinopec Oilfield Service Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.315 Sell Candidate Downgraded
Predicted Opening Price for Sinopec Oilfield Service Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$0.507 ( 0.654%) | HK$0.510 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1033.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.517 | 1.31% |
| R2 | 0.513 | 0.558% |
| R1 | 0.510 | 0.0954% |
| Price | 0.510 | |
| S1 | 0.503 | -1.40% |
| S2 | 0.500 | -1.87% |
| S3 | 0.497 | -2.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.570 | 11.76% |
| R2 | 0.530 | 3.92% |
| R1 | 0.520 | 1.96% |
| Price | 0.510 | |
| S1 | 0.500 | -1.96% |
| S2 | 0.490 | -3.92% |
| S3 | 0.485 | -4.90% |
1033 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 04, 2012 | Jul 04, 2012 | Jul 04, 2012 | HK$0.0245 | 2.13% |
| 2 | May 05, 2011 | May 05, 2011 | May 05, 2011 | HK$0.0240 | 1.17% |
| 3 | May 26, 2005 | May 26, 2005 | May 26, 2005 | HK$0.0167 | 2.12% |
| 4 | May 27, 2004 | May 27, 2004 | May 27, 2004 | HK$0.0167 | 1.72% |
| 5 | May 23, 2003 | May 23, 2003 | May 23, 2003 | HK$0.0100 | 1.44% |
FAQ
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