Towngas China Company Limited Stock Forecast
Red day on Wednesday for Towngas China Company Limited stock after losing 0.347%
(Updated on Jun 12, 2024)
The Towngas China Company Limited stock price fell by -0.347% on the last day (Wednesday, 12th Jun 2024) from HK$2.88 to HK$2.87. During the last trading day the stock fluctuated 1.40% from a day low at HK$2.86 to a day high of HK$2.90. The price has fallen in 6 of the last 10 days and is down by -9.75% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -395 thousand shares and in total, 2 million shares were bought and sold for approximately HK$4.76 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at HK$2.85 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Towngas China Company Limited stock with a 90% probability to be traded between HK$2.83 and HK$3.24 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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1083.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 0.702%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Towngas China Company 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$2.89 and HK$3.07. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Towngas China Company Limited stock
Towngas China Company Limited finds support from accumulated volume at HK$2.86 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$0.0400 between high and low, or 1.40%. For the last week, the stock has had daily average volatility of 2.23%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1083.HK) For The Upcoming Trading Day Of Thursday 13th
For the upcoming trading day on Thursday, 13th we expect Towngas China Company Limited to open at HK$2.88, and during the day (based on 14 day Average True Range), to move between HK$2.79 and HK$2.95, which gives a possible trading interval of +/-HK$0.0805 (+/-2.80%) 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 5.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$2.86 (0.35%) than the resistance at HK$2.91 (1.39%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Towngas China Company Limited stock A Buy?
Towngas China Company Limited holds several negative signals and is within a 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.
Current score: -1.734 Sell Candidate Unchanged
Predicted Opening Price for Towngas China Company Limited of Thursday, June 13, 2024
| Fair opening price June 13, 2024 | Current price |
|---|---|
| HK$2.88 ( 0.232%) | HK$2.87 |
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 | |
|---|---|---|
| R3 | 2.92 | 1.63% |
| R2 | 2.90 | 1.09% |
| R1 | 2.89 | 0.765% |
| Price | 2.87 | |
| S1 | 2.86 | -0.300% |
| S2 | 2.85 | -0.629% |
| S3 | 2.84 | -1.16% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.18 | 10.80% |
| R2 | 3.15 | 9.76% |
| R1 | 2.91 | 1.39% |
| Price | 2.87 | |
| S1 | 2.86 | -0.348% |
| S2 | 2.85 | -0.697% |
| S3 | 0 | - |
1083 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 31, 2024 | May 31, 2024 | Jul 12, 2024 | HK$0.160 | 5.56% |
| 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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