The People's Insurance Co (Group) of Stock Forecast
Green day on Monday for The People's Insurance Co (Group) of
(Updated on May 06, 2024)
The The People's Insurance Co (Group) of stock price gained 1.14% on the last trading day (Monday, 6th May 2024), rising from HK$2.63 to HK$2.66. During the last trading day the stock fluctuated 1.90% from a day low at HK$2.63 to a day high of HK$2.68. The price has risen in 7 of the last 10 days and is up by 4.31% 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, 9 million more shares were traded than the day before. In total, 32 million shares were bought and sold for approximately HK$85.55 million.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at HK$2.71 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect The People's Insurance Co (Group) of stock with a 90% probability to be traded between HK$2.50 and HK$2.73 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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1339.HK Signals & Forecast
The The People's Insurance Co (Group) of 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$2.63 and HK$2.56. 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). 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 Monday, April 29, 2024, and so far it has fallen -1.12%. Further fall is indicated until a new bottom pivot has been found.
A sell signal from a double top formation was found on Monday, April 29, 2024 and based on theory for this formation the price should fall by -10.03% to HK$2.39 within 31 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for The People's Insurance Co (Group) of stock
The People's Insurance Co (Group) of finds support from accumulated volume at HK$2.61 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$0.0500 (1.90%) between high and low. For the last week, the stock has had daily average volatility of 3.01%.
Our recommended stop-loss: HK$2.55 (-4.08%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (1339.HK) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect The People's Insurance Company (Group) of China Limited to open at HK$2.66, and during the day (based on 14 day Average True Range), to move between HK$2.59 and HK$2.73, which gives a possible trading interval of +/-HK$0.0680 (+/-2.56%) up or down from last closing price. If The People's Insurance Company (Group) of China Limited takes out the full calculated possible swing range there will be an estimated 5.11% 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$2.68 (0.75%) than the support at HK$2.61 (1.88%), 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 The People's Insurance Company (Group) of China Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for The People's Insurance Co (Group) of stock to perform well in the short-term period.
Current score: 2.462 Buy Candidate Unchanged
Predicted Opening Price for The People's Insurance Company (Group) of China Limited of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| HK$2.66 ( 0.125%) | HK$2.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1339.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.71 | 1.75 % | |
| R2 | 2.69 | 1.04 % | ||
| R1 | 2.68 | 0.593 % | ||
| Current price: | 2.66 | |||
| Support | S1 | 2.64 | -0.84 % | |
| S2 | 2.63 | -1.29 % | ||
| S3 | 2.61 | -2.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 2.69 | 1.13 % | ||
| R1 | 2.68 | 0.752 % | ||
| Current price | 2.66 | |||
| Support | S1 | 2.61 | -1.88% | |
| S2 | 2.55 | -4.14% | ||
| S3 | 2.50 | -6.02% |
1339 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 26, 2023 | Jun 26, 2023 | Jun 26, 2023 | HK$0.182 | 6.57% |
| 2 | Jun 23, 2022 | Jun 23, 2022 | Jun 23, 2022 | HK$0.172 | 7.12% |
| 3 | Nov 02, 2021 | Nov 02, 2021 | Nov 02, 2021 | HK$0.0207 | 0.86% |
| 4 | Jun 23, 2021 | Jun 23, 2021 | Jun 23, 2021 | HK$0.145 | 5.53% |
| 5 | Nov 02, 2020 | Nov 02, 2020 | Nov 02, 2020 | HK$0.0417 | 1.80% |
FAQ
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