China Resources Gas Group Limited Stock Forecast
China Resources Gas Group Limited stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Jul 04, 2024)
The China Resources Gas Group Limited stock price gained 1.42% on the last trading day (Thursday, 4th Jul 2024), rising from HK$28.20 to HK$28.60. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.36% from a day low at HK$28.30 to a day high of HK$29.25. The price has risen in 6 of the last 10 days and is up by 1.24% over the past 2 weeks. Volume fell on the last day by -516 thousand shares and in total, 4 million shares were bought and sold for approximately HK$118.82 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and strong 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 19.58% during the next 3 months and, with a 90% probability hold a price between HK$32.80 and HK$36.27 at the end of this 3-month period.
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1193.HK Signals & Forecast
The China Resources Gas Group Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$27.66 and HK$27.78. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Friday, June 14, 2024, and so far it has fallen -2.22%. 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).
Support, Risk & Stop-loss for China Resources Gas Group Limited stock
China Resources Gas Group Limited finds support from accumulated volume at HK$27.85 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$0.95 (3.36%) between high and low. For the last week, the stock has had daily average volatility of 4.19%.
Our recommended stop-loss: HK$27.08 (-5.31%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 62 days ago.)
Trading Expectations (1193.HK) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect China Resources Gas Group Limited to open at HK$28.72, and during the day (based on 14 day Average True Range), to move between HK$27.38 and HK$29.82, which gives a possible trading interval of +/-HK$1.22 (+/-4.26%) up or down from last closing price. If China Resources Gas Group Limited takes out the full calculated possible swing range there will be an estimated 8.51% 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$28.80 (0.70%) than the support at HK$27.85 (2.62%), 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 China Resources Gas Group Limited stock A Buy?
China Resources Gas Group Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.521 Hold/Accumulate Downgraded
Predicted Opening Price for China Resources Gas Group Limited of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| HK$28.72 ( 0.408%) | HK$28.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1193.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.67 | 3.73% |
| R2 | 29.30 | 2.46% |
| R1 | 29.08 | 1.68% |
| Price | 28.60 | |
| S1 | 28.35 | -0.86% |
| S2 | 28.13 | -1.64% |
| S3 | 27.77 | -2.91% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 29.25 | 2.27% |
| R1 | 28.80 | 0.699% |
| Price | 28.60 | |
| S1 | 27.85 | -2.62% |
| S2 | 27.50 | -3.85% |
| S3 | 27.15 | -5.07% |
1193 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 28, 2024 | May 28, 2024 | Jul 17, 2024 | HK$1.01 | 3.52% |
| 2 | Sep 07, 2023 | Sep 07, 2023 | Sep 07, 2023 | HK$0.150 | 0.690% |
| 3 | May 30, 2023 | May 30, 2023 | May 30, 2023 | HK$0.90 | 3.54% |
| 4 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | HK$0.150 | 0.520% |
| 5 | May 24, 2022 | May 24, 2022 | May 24, 2022 | HK$1.12 | 3.60% |
FAQ
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