COSCO SHIPPING Energy Transportation Stock Forecast
COSCO SHIPPING Energy Transportation stock upgraded to Buy Candidate.
(Updated on May 14, 2024)
The COSCO SHIPPING Energy Transportation stock price fell by -0.185% on the last day (Tuesday, 14th May 2024) from HK$10.82 to HK$10.80. During the last trading day the stock fluctuated 3.37% from a day low at HK$10.68 to a day high of HK$11.04. The price has risen in 7 of the last 10 days and is up by 18.81% over the past 2 weeks. 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 -4 million shares and in total, 25 million shares were bought and sold for approximately HK$269.18 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at HK$10.87 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 37.26% during the next 3 months and, with a 90% probability hold a price between HK$12.56 and HK$14.92 at the end of this 3-month period.
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1138.HK Signals & Forecast
The COSCO SHIPPING Energy Transportation 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$10.21 and HK$8.99. 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 -0.185%. Further fall is indicated until a new bottom pivot has been found. 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 COSCO SHIPPING Energy Transportation stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$10.24 and HK$9.09. 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, COSCO SHIPPING Energy Transportation finds support just below today's level at HK$10.24. If this is broken, then the next support from accumulated volume will be at HK$9.09 and HK$8.88.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.360 between high and low, or 3.37%. For the last week, the stock has had daily average volatility of 6.11%.
The COSCO SHIPPING Energy Transportation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: HK$10.44 (-3.35%) (This stock has high daily movements and this gives high risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (1138.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect COSCO SHIPPING Energy Transportation Co., Ltd. to open at HK$10.84, and during the day (based on 14 day Average True Range), to move between HK$10.30 and HK$11.30, which gives a possible trading interval of +/-HK$0.496 (+/-4.59%) up or down from last closing price. If COSCO SHIPPING Energy Transportation Co., Ltd. takes out the full calculated possible swing range there will be an estimated 9.19% 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$10.82 (0.19%) than the support at HK$10.24 (5.19%), 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 COSCO SHIPPING Energy Transportation Co., Ltd. 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 COSCO SHIPPING Energy Transportation stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.605 Buy Candidate Upgraded
Predicted Opening Price for COSCO SHIPPING Energy Transportation Co., Ltd. of Thursday, May 16, 2024
Fair opening price May 16, 2024 | Current price |
---|---|
HK$10.84 ( 0.370%) | HK$10.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1138.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 11.20 | 3.70 % | |
R2 | 11.06 | 2.43 % | ||
R1 | 10.98 | 1.64 % | ||
Current price: | 10.80 | |||
Support | S1 | 10.70 | -0.90 % | |
S2 | 10.62 | -1.69 % | ||
S3 | 10.48 | -2.96 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 10.82 | 0.185 % | ||
Current price | 10.80 | |||
Support | S1 | 10.24 | -5.19% | |
S2 | 9.09 | -15.83% | ||
S3 | 8.88 | -17.78% |
1138 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 18, 2023 | Jul 18, 2023 | Jul 18, 2023 | HK$0.163 | 1.93% |
2 | Jul 16, 2021 | Jul 16, 2021 | Jul 16, 2021 | HK$0.240 | 7.33% |
3 | Jul 06, 2020 | Jul 06, 2020 | Jul 06, 2020 | HK$0.0437 | 1.10% |
4 | Jun 24, 2019 | Jun 24, 2019 | Jun 24, 2019 | HK$0.0200 | 0.422% |
5 | Jun 13, 2019 | Jun 13, 2019 | Jun 13, 2019 | HK$0.0228 | 0.546% |
FAQ
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