Sinopec Oilfield Service Corporation Stock Forecast
Evaluation of Sinopec Oilfield Service Corporation stock downgraded after the last trading session.
(Updated on May 03, 2024)
The Sinopec Oilfield Service Corporation stock price fell by -1.85% on the last day (Friday, 3rd May 2024) from HK$0.540 to HK$0.530. During the last trading day the stock fluctuated 3.77% from a day low at HK$0.530 to a day high of HK$0.550. The price has risen in 5 of the last 10 days and is up by 6% over the past 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 million shares were bought and sold for approximately HK$1.90 million.
The stock lies in the middle of a 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 15.64% during the next 3 months and, with a 90% probability hold a price between HK$0.576 and HK$0.626 at the end of this 3-month period.
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1033.HK Signals & Forecast
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$0.524 and HK$0.506. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -1.85%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Sinopec Oilfield Service Corporation stock
Sinopec Oilfield Service Corporation finds support from accumulated volume at HK$0.520 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 3.77%. For the last week, the stock has had daily average volatility of 4.29%.
Our recommended stop-loss: HK$0.511 (-3.64%) (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 Monday 6th
For the upcoming trading day on Monday, 6th we expect Sinopec Oilfield Service Corporation to open at HK$0.537, and during the day (based on 14 day Average True Range), to move between HK$0.510 and HK$0.550, which gives a possible trading interval of +/-HK$0.0201 (+/-3.79%) 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 7.59% 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$0.540 (1.89%) than the support at HK$0.520 (1.89%), 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. 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: 2.839 Buy Candidate Downgraded
Predicted Opening Price for Sinopec Oilfield Service Corporation of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
HK$0.537 ( 1.26%) | HK$0.530 |
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 | |||
---|---|---|---|---|
Resistance | R3 | 0.557 | 5.03 % | |
R2 | 0.549 | 3.59 % | ||
R1 | 0.544 | 2.70 % | ||
Current price: | 0.530 | |||
Support | S1 | 0.529 | -0.184 % | |
S2 | 0.524 | -1.07 % | ||
S3 | 0.517 | -2.52 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0.540 | 1.89 % | ||
Current price | 0.530 | |||
Support | S1 | 0.520 | -1.89% | |
S2 | 0.510 | -3.77% | ||
S3 | 0.485 | -8.49% |
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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