China Zheshang Bank Co., Ltd Stock Forecast
China Zheshang Bank Co., Ltd stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on May 14, 2024)
The China Zheshang Bank Co., Ltd stock price fell by -0.86% on the last day (Tuesday, 14th May 2024) from HK$2.32 to HK$2.30. During the last trading day the stock fluctuated 1.30% from a day low at HK$2.30 to a day high of HK$2.33. The price has risen in 6 of the last 10 days and is up by 3.14% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -10 million shares and in total, 10 million shares were bought and sold for approximately HK$22.22 million.
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 6.14% during the next 3 months and, with a 90% probability hold a price between HK$2.31 and HK$2.50 at the end of this 3-month period.
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2016.HK Signals & Forecast
The China Zheshang Bank Co., Ltd 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$2.29 and HK$2.23. 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 Monday, May 13, 2024, and so far it has fallen -0.86%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for China Zheshang Bank Co., Ltd stock
China Zheshang Bank Co., Ltd finds support from accumulated volume at HK$2.23 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$0.0300 between high and low, or 1.30%. For the last week the stock has had daily average volatility of 1.05%.
Our recommended stop-loss: HK$2.21 (-3.81%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (2016.HK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect China Zheshang Bank Co., Ltd to open at HK$2.31, and during the day (based on 14 day Average True Range), to move between HK$2.27 and HK$2.33, which gives a possible trading interval of +/-HK$0.0337 (+/-1.47%) up or down from last closing price. If China Zheshang Bank Co., Ltd takes out the full calculated possible swing range there will be an estimated 2.93% 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$2.31 (0.43%) than the support at HK$2.23 (3.04%), 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 Zheshang Bank Co., Ltd 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 China Zheshang Bank Co., Ltd 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: 3.058 Buy Candidate Downgraded
Predicted Opening Price for China Zheshang Bank Co., Ltd of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| HK$2.31 ( 0.435%) | HK$2.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2016.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.34 | 1.74 % | |
| R2 | 2.33 | 1.24 % | ||
| R1 | 2.32 | 0.93 % | ||
| Current price: | 2.30 | |||
| Support | S1 | 2.30 | -0.0635 % | |
| S2 | 2.29 | -0.371 % | ||
| S3 | 2.28 | -0.87 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 2.32 | 0.87 % | ||
| R1 | 2.31 | 0.435 % | ||
| Current price | 2.30 | |||
| Support | S1 | 2.23 | -3.04% | |
| S2 | 2.22 | -3.48% | ||
| S3 | 2.20 | -4.35% |
2016 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2024 | Jun 14, 2024 | Jul 15, 2024 | HK$0.177 | 7.68% |
| 2 | May 17, 2023 | May 17, 2023 | May 17, 2023 | HK$0.239 | 8.75% |
| 3 | May 08, 2023 | May 08, 2023 | May 08, 2023 | HK$0.239 | 7.75% |
| 4 | Jul 19, 2021 | Jul 19, 2021 | Jul 19, 2021 | HK$0.193 | 5.20% |
| 5 | Jul 08, 2021 | Jul 08, 2021 | Jul 08, 2021 | HK$0.193 | 4.83% |
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