COFCO Meat Holdings Limited Stock Forecast
COFCO Meat Holdings Limited stock downgraded from Buy Candidate to Sell Candidate after Tuesday trading session.
(Updated on Apr 16, 2024)
The COFCO Meat Holdings Limited stock price fell by -2.96% on the last day (Tuesday, 16th Apr 2024) from HK$1.69 to HK$1.64. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 4.32% from a day low at HK$1.62 to a day high of HK$1.69. The price has fallen in 6 of the last 10 days and is down by -1.2% for this period. Volume has increased on the last day by 4 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, 22 million shares were bought and sold for approximately HK$35.93 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$1.58 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.03% during the next 3 months and, with a 90% probability hold a price between HK$1.76 and HK$2.17 at the end of this 3-month period.
1610.HK Signals & Forecast
There are few to no technical positive signals at the moment. The COFCO Meat Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at HK$1.79 and HK$1.64. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -14.58%. 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). 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 COFCO Meat Holdings Limited stock
COFCO Meat Holdings Limited finds support from accumulated volume at HK$1.58 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$0.0700 between high and low, or 4.32%. For the last week, the stock has had daily average volatility of 4.21%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (1610.HK) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect COFCO Meat Holdings Limited to open at HK$1.65, and during the day (based on 14 day Average True Range), to move between HK$1.56 and HK$1.72, which gives a possible trading interval of +/-HK$0.0798 (+/-4.86%) up or down from last closing price. If COFCO Meat Holdings Limited takes out the full calculated possible swing range there will be an estimated 9.73% 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$1.67 (1.83%) than the support at HK$1.58 (3.66%), 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 COFCO Meat Holdings Limited stock A Buy?
The COFCO Meat Holdings Limited stock holds several negative signals and despite the positive trend, we believe COFCO Meat Holdings Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -3.859 Sell Candidate Downgraded
Predicted Opening Price for COFCO Meat Holdings Limited of Wednesday, April 17, 2024
| Fair opening price April 17, 2024 | Current price |
|---|---|
| HK$1.65 ( 0.610%) | HK$1.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1610.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.72 | 4.88 % | |
| R2 | 1.69 | 3.25 % | ||
| R1 | 1.68 | 2.24 % | ||
| Current price: | 1.64 | |||
| Support | S1 | 1.62 | -1.02 % | |
| S2 | 1.61 | -2.03 % | ||
| S3 | 1.58 | -3.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.88 | 14.63 % | |
| R2 | 1.71 | 4.27 % | ||
| R1 | 1.67 | 1.83 % | ||
| Current price | 1.64 | |||
| Support | S1 | 1.58 | -3.66% | |
| S2 | 1.56 | -4.88% | ||
| S3 | 1.55 | -5.49% |
1610 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 27, 2022 | May 27, 2022 | May 27, 2022 | HK$0.180 | 5.84% |
| 2 | Jul 05, 2021 | Jul 05, 2021 | Jul 05, 2021 | HK$0.206 | 7.20% |
| 3 | May 14, 2021 | May 14, 2021 | May 14, 2021 | HK$0.206 | 5.74% |
| 4 | Sep 08, 2020 | Sep 08, 2020 | Sep 08, 2020 | HK$0.118 | 3.76% |
| 5 | Mar 24, 2020 | Jun 04, 2020 | Jul 31, 2020 | HK$0.0480 | 1.25% |
FAQ
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