COSCO SHIPPING Ports Limited Stock Forecast
COSCO SHIPPING Ports Limited stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The COSCO SHIPPING Ports Limited stock price gained 2.60% on the last trading day (Thursday, 25th Apr 2024), rising from HK$4.62 to HK$4.74. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.49% from a day low at HK$4.58 to a day high of HK$4.74. The price has risen in 7 of the last 10 days and is up by 0.42% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately HK$14.95 million.
The stock lies the upper part of a wide and falling 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$4.75 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -7.97% during the next 3 months and, with a 90% probability hold a price between HK$3.63 and HK$4.37 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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1199.HK Signals & Forecast
The COSCO SHIPPING Ports 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$4.55 and HK$4.49. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Wednesday, April 03, 2024, and so far it has fallen -2.27%. 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 COSCO SHIPPING Ports Limited stock
COSCO SHIPPING Ports Limited finds support from accumulated volume at HK$4.67 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$0.160 between high and low, or 3.49%. For the last week, the stock has had daily average volatility of 3.06%.
Since the COSCO SHIPPING Ports Limited has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: HK$4.54 (-4.17%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (1199.HK) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect COSCO SHIPPING Ports Limited to open at HK$4.69, and during the day (based on 14 day Average True Range), to move between HK$4.59 and HK$4.89, which gives a possible trading interval of +/-HK$0.154 (+/-3.24%) up or down from last closing price. If COSCO SHIPPING Ports Limited takes out the full calculated possible swing range there will be an estimated 6.48% 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$4.78 (0.84%) than the support at HK$4.67 (1.48%), 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.
Earnings coming up
COSCO SHIPPING Ports Limited will release earnings BMO on Friday, April 26, 2024. We will update the financials statements for COSCO SHIPPING Ports Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.79% in the first trading day after earnings release.
Is COSCO SHIPPING Ports Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.293 Buy Candidate Upgraded
Predicted Opening Price for COSCO SHIPPING Ports Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| HK$4.69 ( 1.13%) | HK$4.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1199.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.85 | 2.25 % | |
| R2 | 4.79 | 0.96 % | ||
| R1 | 4.75 | 0.164 % | ||
| Current price: | 4.74 | |||
| Support | S1 | 4.63 | -2.41 % | |
| S2 | 4.59 | -3.21 % | ||
| S3 | 4.53 | -4.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.85 | 2.32 % | |
| R2 | 4.79 | 1.05 % | ||
| R1 | 4.78 | 0.84 % | ||
| Current price | 4.74 | |||
| Support | S1 | 4.67 | -1.48% | |
| S2 | 4.63 | -2.32% | ||
| S3 | 4.37 | -7.81% |
1199 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 15, 2024 | Apr 15, 2024 | Jun 19, 2024 | HK$0.155 | 3.27% |
| 2 | Apr 14, 2023 | Apr 14, 2023 | Apr 14, 2023 | HK$0.116 | 2.40% |
| 3 | Sep 13, 2022 | Sep 13, 2022 | Sep 13, 2022 | HK$0.167 | 3.27% |
| 4 | Apr 13, 2022 | Apr 13, 2022 | Apr 13, 2022 | HK$0.170 | 2.87% |
| 5 | Sep 08, 2021 | Sep 08, 2021 | Sep 08, 2021 | HK$0.164 | 2.65% |
FAQ
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