Towngas China Company Limited Stock Forecast
Towngas China Company Limited stock price down 0.623% on Thursday
(Updated on May 16, 2024)
The Towngas China Company Limited stock price fell by -0.623% on the last day (Thursday, 16th May 2024) from HK$3.21 to HK$3.19. During the last trading day the stock fluctuated 2.21% from a day low at HK$3.17 to a day high of HK$3.24. The price has risen in 5 of the last 10 days and is up by 5.28% 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, 3 million shares were bought and sold for approximately HK$8.36 million.
The stock lies in the middle of a wide and weak 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 8.85% during the next 3 months and, with a 90% probability hold a price between HK$3.27 and HK$3.65 at the end of this 3-month period.
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1083.HK Signals & Forecast
The Towngas China Company 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$3.12 and HK$3.09. 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 Monday, May 13, 2024, and so far it has fallen -1.24%. 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. The stock had a Golden Star Signal on Wednesday, March 13, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Wednesday, March 13, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
A sell signal from a double top formation was found on Monday, May 13, 2024 and based on theory for this formation the price should fall by -2.71% to HK$3.10 within 22 trading days since signal was issued (Friday, May 17, 2024).
Support, Risk & Stop-loss for Towngas China Company Limited stock
Towngas China Company Limited finds support from accumulated volume at HK$3.15 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$0.0700 (2.21%) between high and low. For the last week, the stock has had daily average volatility of 2.45%.
Our recommended stop-loss: HK$3.09 (-3.29%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (1083.HK) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Towngas China Company Limited to open at HK$3.20, and during the day (based on 14 day Average True Range), to move between HK$3.11 and HK$3.27, which gives a possible trading interval of +/-HK$0.0800 (+/-2.51%) up or down from last closing price. If Towngas China Company Limited takes out the full calculated possible swing range there will be an estimated 5.02% 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$3.20 (0.31%) than the support at HK$3.15 (1.25%), 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 Towngas China Company 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 Towngas China Company Limited stock to perform well in the short-term.
Current score: 4.523 Buy Candidate Unchanged
Predicted Opening Price for Towngas China Company Limited of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| HK$3.20 ( 0.313%) | HK$3.19 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1083.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.27 | 2.51 % | |
| R2 | 3.24 | 1.67 % | ||
| R1 | 3.23 | 1.15 % | ||
| Current price: | 3.19 | |||
| Support | S1 | 3.17 | -0.525 % | |
| S2 | 3.16 | -1.04 % | ||
| S3 | 3.13 | -1.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.24 | 1.57 % | |
| R2 | 3.23 | 1.25 % | ||
| R1 | 3.20 | 0.313 % | ||
| Current price | 3.19 | |||
| Support | S1 | 3.15 | -1.25% | |
| S2 | 2.91 | -8.78% | ||
| S3 | 2.88 | -9.72% |
1083 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 31, 2024 | May 31, 2024 | Jul 12, 2024 | HK$0.160 | 5.00% |
| 2 | May 30, 2023 | May 30, 2023 | May 30, 2023 | HK$0.150 | 4.31% |
| 3 | May 30, 2022 | May 30, 2022 | May 30, 2022 | HK$0.150 | 3.91% |
| 4 | May 31, 2021 | May 31, 2021 | May 31, 2021 | HK$0.150 | 2.94% |
| 5 | Mar 16, 2020 | May 25, 2020 | Jul 06, 2020 | HK$0.150 | 3.87% |
FAQ
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