China Coal Energy Company Limited Stock Forecast
Green day on Friday for China Coal Energy Company Limited stock after gaining 0.93%
(Updated on May 17, 2024)
The China Coal Energy Company Limited stock price gained 0.93% on the last trading day (Friday, 17th May 2024), rising from HK$8.61 to HK$8.69. During the last trading day the stock fluctuated 3.04% from a day low at HK$8.54 to a day high of HK$8.80. The price has risen in 7 of the last 10 days and is up by 12.71% over the past 2 weeks. Volume fell on the last day by -5 million shares and in total, 12 million shares were bought and sold for approximately HK$105.44 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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$8.82 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 -5.73% during the next 3 months and, with a 90% probability hold a price between HK$6.69 and HK$8.32 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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1898.HK Signals & Forecast
The China Coal Energy Company 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$8.65 and HK$8.03. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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, May 13, 2024, and so far it has fallen -1.81%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for China Coal Energy Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$7.90 and HK$7.76. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, China Coal Energy Company Limited finds support just below today's level at HK$7.90. If this is broken, then the next support from accumulated volume will be at HK$7.76 and HK$7.59.
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$0.260 between high and low, or 3.04%. For the last week, the stock has had daily average volatility of 3.09%.
Our recommended stop-loss: HK$8.36 (-3.75%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (1898.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect China Coal Energy Company Limited to open at HK$8.68, and during the day (based on 14 day Average True Range), to move between HK$8.40 and HK$8.98, which gives a possible trading interval of +/-HK$0.293 (+/-3.38%) up or down from last closing price. If China Coal Energy Company Limited takes out the full calculated possible swing range there will be an estimated 6.75% 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$8.85 (1.84%) than the support at HK$7.90 (9.09%), 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 China Coal Energy Company Limited stock A Buy?
China Coal Energy Company Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.788 Hold/Accumulate Unchanged
Predicted Opening Price for China Coal Energy Company Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$8.68 ( 0.153%) | HK$8.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 1898.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.94 | 2.84 % | |
| R2 | 8.84 | 1.70 % | ||
| R1 | 8.78 | 0.99 % | ||
| Current price: | 8.69 | |||
| Support | S1 | 8.58 | -1.30 % | |
| S2 | 8.52 | -2.00 % | ||
| S3 | 8.42 | -3.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.15 | 5.29 % | |
| R2 | 8.91 | 2.53 % | ||
| R1 | 8.85 | 1.84 % | ||
| Current price | 8.69 | |||
| Support | S1 | 7.90 | -9.09% | |
| S2 | 7.76 | -10.70% | ||
| S3 | 7.59 | -12.66% |
1898 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 16, 2023 | Jun 16, 2023 | Jun 16, 2023 | HK$0.455 | 7.72% |
| 2 | Jun 17, 2022 | Jun 17, 2022 | Jun 17, 2022 | HK$0.352 | 5.18% |
| 3 | May 13, 2021 | May 13, 2021 | May 13, 2021 | HK$0.161 | 3.48% |
| 4 | Jun 18, 2020 | Jun 18, 2020 | Jun 18, 2020 | HK$0.139 | 7.56% |
| 5 | Jul 03, 2019 | Jul 03, 2019 | Jul 03, 2019 | HK$0.0888 | 2.83% |
FAQ
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