Industrial and Commercial Bank of China Stock Forecast
Evaluation of Industrial and Commercial Bank of China stock downgraded after the last trading session.
(Updated on Apr 26, 2024)
The Industrial and Commercial Bank of China stock price fell by -0.480% on the last day (Friday, 26th Apr 2024) from HK$4.17 to HK$4.15. During the last trading day the stock fluctuated 1.20% from a day low at HK$4.15 to a day high of HK$4.20. The price has risen in 6 of the last 10 days and is up by 4.01% over the past 2 weeks. Volume has increased on the last day by 30 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 286 million shares were bought and sold for approximately HK$1.19 billion.
The stock lies in the middle of a weak 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 5.36% during the next 3 months and, with a 90% probability hold a price between HK$4.21 and HK$4.53 at the end of this 3-month period.
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1398.HK Signals & Forecast
The Industrial and Commercial Bank of China 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$4.13 and HK$4.03. 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 Thursday, April 25, 2024, and so far it has fallen -0.480%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Industrial and Commercial Bank of China stock
Industrial and Commercial Bank of China finds support from accumulated volume at HK$4.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.0500 between high and low, or 1.20%. For the last week the stock has had daily average volatility of 1.75%.
Our recommended stop-loss: HK$4.03 (-2.88%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (1398.HK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Industrial and Commercial Bank of China Limited to open at HK$4.17, and during the day (based on 14 day Average True Range), to move between HK$4.07 and HK$4.23, which gives a possible trading interval of +/-HK$0.0790 (+/-1.90%) up or down from last closing price. If Industrial and Commercial Bank of China Limited takes out the full calculated possible swing range there will be an estimated 3.81% 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$4.17 (0.48%) than the support at HK$4.11 (0.96%), 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 Industrial and Commercial Bank of China Limited 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 Industrial and Commercial Bank of China stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.974 Buy Candidate Downgraded
Predicted Opening Price for Industrial and Commercial Bank of China Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| HK$4.17 ( 0.402%) | HK$4.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1398.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.22 | 1.61 % | |
| R2 | 4.20 | 1.15 % | ||
| R1 | 4.19 | 0.86 % | ||
| Current price: | 4.15 | |||
| Support | S1 | 4.15 | -0.0586 % | |
| S2 | 4.14 | -0.343 % | ||
| S3 | 4.12 | -0.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 4.17 | 0.482 % | ||
| Current price | 4.15 | |||
| Support | S1 | 4.11 | -0.96% | |
| S2 | 4.03 | -2.89% | ||
| S3 | 4.02 | -3.13% |
1398 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 08, 2024 | Jul 08, 2024 | Aug 19, 2024 | HK$0.332 | 7.99% |
| 2 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | HK$0.329 | 9.00% |
| 3 | Jul 04, 2022 | Jul 04, 2022 | Jul 04, 2022 | HK$0.343 | 7.91% |
| 4 | Jun 28, 2021 | Jun 28, 2021 | Jun 28, 2021 | HK$0.320 | 6.82% |
| 5 | Jun 22, 2020 | Jun 22, 2020 | Jun 22, 2020 | HK$0.287 | 5.91% |
FAQ
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