Sinopec Oilfield Service Corporation Stock Forecast

Sinopec Oilfield Service Corporation stock price ended at HK$0.520 on Thursday, after losing 0%.
(Updated on Apr 25, 2024)

1033.HK Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen 0%. 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 Sinopec Oilfield Service Corporation 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$0.509 and HK$0.499. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for Sinopec Oilfield Service Corporation stock

Sinopec Oilfield Service Corporation finds support from accumulated volume at HK$0.510 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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$0.0200 between high and low, or 4.00%. For the last week, the stock has had daily average volatility of 3.81%.

Our recommended stop-loss: HK$0.499 (-4.00%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (1033.HK) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Sinopec Oilfield Service Corporation to open at HK$0.513, and during the day (based on 14 day Average True Range), to move between HK$0.501 and HK$0.539, which gives a possible trading interval of +/-HK$0.0195 (+/-3.75%) 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 7.49% 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$0.530 (1.92%) than the support at HK$0.510 (1.92%), 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?

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 Sinopec Oilfield Service Corporation stock to perform well in the short-term.

Current score: 1.895 Buy Candidate Unchanged

Predicted Opening Price for Sinopec Oilfield Service Corporation of Friday, April 26, 2024

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