Shengli Oil & Gas Pipe Holdings Limited Stock Forecast
A very red day for Shengli Oil & Gas Pipe Holdings Limited stock price after a -12.50% fall in the Friday trading session
(Updated on May 10, 2024)
The Shengli Oil & Gas Pipe Holdings Limited stock price fell by -12.50% on the last day (Friday, 10th May 2024) from HK$0.0400 to HK$0.0350. During the last trading day the stock fluctuated 5.71% from a day low at HK$0.0350 to a day high of HK$0.0370. The price has been going up and down for this period, and there has been a -12.5% loss for the last 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, 1 million shares were bought and sold for approximately HK$39.43 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -16.64% during the next 3 months and, with a 90% probability hold a price between HK$0.0273 and HK$0.0342 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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1080.HK Signals & Forecast
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 Shengli Oil & Gas Pipe Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$0.0379 and HK$0.0388. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -16.67%. Further fall is indicated until a new bottom pivot has been found. Shengli Oil & Gas Pipe Holdings Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Shengli Oil & Gas Pipe Holdings Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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$0.0020 between high and low, or 5.71%. For the last week, the stock has had daily average volatility of 6.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1080.HK) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Shengli Oil & Gas Pipe Holdings Limited to open at HK$0.0357, and during the day (based on 14 day Average True Range), to move between HK$0.0318 and HK$0.0382, which gives a possible trading interval of +/-HK$0.0032 (+/-9.24%) up or down from last closing price. If Shengli Oil & Gas Pipe Holdings Limited takes out the full calculated possible swing range there will be an estimated 18.48% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ HK$0.0370, some HK$0.0020 (5.71%) from the current price of HK$0.0350, our system finds the risk reward not very attractive.
Is Shengli Oil & Gas Pipe Holdings Limited stock A Buy?
Shengli Oil & Gas Pipe Holdings Limited holds several negative signals and is within a very wide and falling trend, so we believe 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 Strong Sell candidate.
Current score: -6.579 Strong Sell Candidate Downgraded
Predicted Opening Price for Shengli Oil & Gas Pipe Holdings Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| HK$0.0357 ( 1.90%) | HK$0.0350 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1080.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0377 | 7.62 % | |
| R2 | 0.0369 | 5.44 % | ||
| R1 | 0.0364 | 4.09 % | ||
| Current price: | 0.0350 | |||
| Support | S1 | 0.0349 | -0.278 % | |
| S2 | 0.0344 | -1.63 % | ||
| S3 | 0.0337 | -3.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0420 | 20.00 % | |
| R2 | 0.0400 | 14.29 % | ||
| R1 | 0.0370 | 5.71 % | ||
| Current price | 0.0350 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
1080 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 30, 2014 | Jun 24, 2014 | Jul 28, 2014 | HK$0.0016 | 0.319% |
| 2 | Jul 07, 2013 | Sep 26, 2013 | Oct 10, 2013 | HK$0.0084 | 2.06% |
| 3 | Mar 12, 2012 | Jun 19, 2012 | Jul 04, 2012 | HK$0.0094 | 1.65% |
| 4 | Mar 30, 2011 | Jun 20, 2011 | Sep 03, 2011 | HK$0.0106 | 1.21% |
| 5 | Apr 16, 2010 | Jun 09, 2010 | Jun 30, 2010 | HK$0.0176 | 1.01% |
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