CSPC Pharmaceutical Group Limited Stock Forecast
CSPC Pharmaceutical Group Limited stock price ended at HK$6.22 on Friday, after losing 1.74%.
(Updated on Jun 28, 2024)
The CSPC Pharmaceutical Group Limited stock price fell by -1.74% on the last day (Friday, 28th Jun 2024) from HK$6.33 to HK$6.22. During the last trading day the stock fluctuated 2.74% from a day low at HK$6.20 to a day high of HK$6.37. The price has fallen in 7 of the last 10 days and is down by -8.8% for this period. Volume has increased on the last day by 9 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, 48 million shares were bought and sold for approximately HK$296.59 million.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at HK$6.26. A reaction back to this level may hold a second chance to get out before further falls.
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1093.HK Signals & Forecast
There are few to no technical positive signals at the moment. The CSPC Pharmaceutical Group 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$6.36 and HK$6.68. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 07, 2024, and so far it has fallen -11.40%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A sell signal from a double top formation was found on Friday, June 07, 2024 with a target of HK$6.45. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for CSPC Pharmaceutical Group Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$5.86 and HK$5.81. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, CSPC Pharmaceutical Group Limited finds support just below today's level at HK$5.86. If this is broken, then the next support from accumulated volume will be at HK$5.81 and HK$5.77.
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$0.170 between high and low, or 2.74%. For the last week, the stock has had daily average volatility of 3.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1093.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect CSPC Pharmaceutical Group Limited to open at HK$6.26, and during the day (based on 14 day Average True Range), to move between HK$6.01 and HK$6.43, which gives a possible trading interval of +/-HK$0.210 (+/-3.37%) up or down from last closing price. If CSPC Pharmaceutical Group Limited takes out the full calculated possible swing range there will be an estimated 6.75% 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$5.86 (5.79%) than the resistance at HK$6.60 (6.11%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CSPC Pharmaceutical Group Limited stock A Buy?
The CSPC Pharmaceutical Group Limited stock holds several negative signals and despite the positive trend, we believe CSPC Pharmaceutical Group Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.372 Sell Candidate Unchanged
Predicted Opening Price for CSPC Pharmaceutical Group Limited of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$6.26 ( 0.697%) | HK$6.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1093.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.43 | 3.43% |
| R2 | 6.37 | 2.39% |
| R1 | 6.33 | 1.74% |
| Price | 6.22 | |
| S1 | 6.20 | -0.347% |
| S2 | 6.16 | -0.99% |
| S3 | 6.09 | -2.04% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.76 | 8.68% |
| R2 | 6.63 | 6.59% |
| R1 | 6.60 | 6.11% |
| Price | 6.22 | |
| S1 | 5.86 | -5.79% |
| S2 | 5.81 | -6.59% |
| S3 | 5.77 | -7.23% |
1093 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 31, 2024 | May 31, 2024 | Jun 26, 2024 | HK$0.140 | 2.14% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Oct 12, 2023 | HK$0.140 | 2.38% |
| 3 | Jun 05, 2023 | Jun 05, 2023 | Jun 05, 2023 | HK$0.110 | 1.63% |
| 4 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | HK$0.100 | 1.29% |
| 5 | May 31, 2022 | May 31, 2022 | May 31, 2022 | HK$0.100 | 1.19% |
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