China Hongqiao Group Limited Stock Forecast
Green day on Thursday for China Hongqiao Group Limited
(Updated on Mar 28, 2024)
The China Hongqiao Group Limited stock price gained 3.90% on the last trading day (Thursday, 28th Mar 2024), rising from HK$8.47 to HK$8.80. During the last trading day the stock fluctuated 6.80% from a day low at HK$8.38 to a day high of HK$8.95. The price has risen in 7 of the last 10 days and is up by 23.77% 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, 26 million more shares were traded than the day before. In total, 68 million shares were bought and sold for approximately HK$597.08 million.
Given the current short-term trend, the stock is expected to rise 30.27% during the next 3 months and, with a 90% probability hold a price between HK$8.89 and HK$11.46 at the end of this 3-month period.
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1378.HK Signals & Forecast
Mostly positive signals in the chart today. The China Hongqiao Group 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$8.03 and HK$6.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, January 22, 2024, and so far it has risen 66.67%. Further rise is indicated until a new top pivot has been found. 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.
Support, Risk & Stop-loss for China Hongqiao Group Limited stock
China Hongqiao Group Limited finds support from accumulated volume at HK$8.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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$0.570 between high and low, or 6.80%. For the last week, the stock has had daily average volatility of 6.26%.
The China Hongqiao Group Limited 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$8.51 (-3.32%) (This stock has high daily movements and this gives high risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 46 days ago.)
Trading Expectations (1378.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect China Hongqiao Group Limited to open at HK$8.71, and during the day (based on 14 day Average True Range), to move between HK$8.42 and HK$9.18, which gives a possible trading interval of +/-HK$0.380 (+/-4.32%) up or down from last closing price. If China Hongqiao Group Limited takes out the full calculated possible swing range there will be an estimated 8.64% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$8.38, some HK$0.420 (4.77%) from the current price of HK$8.80, our system finds the risk reward attractive.
Is China Hongqiao Group Limited stock A Buy?
China Hongqiao Group Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.025 Strong Buy Candidate Unchanged
Predicted Opening Price for China Hongqiao Group Limited of Tuesday, April 2, 2024
Fair opening price April 2, 2024 | Current price |
---|---|
HK$8.71 ( 1.02%) | HK$8.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1378.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 9.28 | 5.45 % | |
R2 | 9.06 | 2.98 % | ||
R1 | 8.93 | 1.45 % | ||
Current price: | 8.80 | |||
Support | S1 | 8.49 | -3.50 % | |
S2 | 8.36 | -5.03 % | ||
S3 | 8.14 | -7.50 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 8.80 | |||
Support | S1 | 8.38 | -4.77% | |
S2 | 7.62 | -13.41% | ||
S3 | 6.96 | -20.91% |
1378 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 22, 2024 | May 22, 2024 | Jun 14, 2024 | HK$0.290 | 3.30% |
2 | May 23, 2023 | May 23, 2023 | May 23, 2023 | HK$0.100 | 1.64% |
3 | Nov 10, 2022 | Nov 10, 2022 | Nov 10, 2022 | HK$0.410 | 6.58% |
4 | May 23, 2022 | May 23, 2022 | May 23, 2022 | HK$0.600 | 6.08% |
5 | Nov 04, 2021 | Nov 04, 2021 | Nov 04, 2021 | HK$0.450 | 5.78% |
FAQ
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