Guangzhou Automobile Group Co., Ltd. Stock Forecast
Green day on Monday for Guangzhou Automobile Group Co., Ltd. stock after gaining 1.49%
(Updated on May 13, 2024)
The Guangzhou Automobile Group Co., Ltd. stock price gained 1.49% on the last trading day (Monday, 13th May 2024), rising from HK$3.35 to HK$3.40. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.47% from a day low at HK$3.29 to a day high of HK$3.47. The price has risen in 6 of the last 10 days and is up by 4.62% 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, 5 million more shares were traded than the day before. In total, 22 million shares were bought and sold for approximately HK$75.34 million.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is HK$3.38, a level that may pose a second chance to hit a runner. According to fan-theory HK$3.84 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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2238.HK Signals & Forecast
Mostly positive signals in the chart today. The Guangzhou Automobile Group 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$3.30 and HK$3.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 11.48%. 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 Guangzhou Automobile Group Co., Ltd. stock
Guangzhou Automobile Group Co., Ltd. finds support from accumulated volume at HK$3.35 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$0.180 between high and low, or 5.47%. For the last week, the stock has had daily average volatility of 3.46%.
Our recommended stop-loss: HK$3.23 (-5.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (2238.HK) For The Upcoming Trading Day Of Tuesday 14th
For the upcoming trading day on Tuesday, 14th we expect Guangzhou Automobile Group Co., Ltd. to open at HK$3.39, and during the day (based on 14 day Average True Range), to move between HK$3.29 and HK$3.51, which gives a possible trading interval of +/-HK$0.109 (+/-3.20%) up or down from last closing price. If Guangzhou Automobile Group Co., Ltd. takes out the full calculated possible swing range there will be an estimated 6.41% 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$3.42 (0.59%) than the support at HK$3.35 (1.47%), 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 Guangzhou Automobile Group Co., Ltd. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 2.910 Buy Candidate Unchanged
Predicted Opening Price for Guangzhou Automobile Group Co., Ltd. of Tuesday, May 14, 2024
| Fair opening price May 14, 2024 | Current price |
|---|---|
| HK$3.39 ( 0.392%) | HK$3.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2238.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.57 | 4.90 % | |
| R2 | 3.50 | 2.88 % | ||
| R1 | 3.46 | 1.63 % | ||
| Current price: | 3.40 | |||
| Support | S1 | 3.32 | -2.41 % | |
| S2 | 3.28 | -3.66 % | ||
| S3 | 3.21 | -5.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.46 | 1.76 % | |
| R2 | 3.44 | 1.18 % | ||
| R1 | 3.42 | 0.588 % | ||
| Current price | 3.40 | |||
| Support | S1 | 3.35 | -1.47% | |
| S2 | 3.32 | -2.35% | ||
| S3 | 3.11 | -8.53% |
2238 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2023 | Jun 07, 2023 | Jun 07, 2023 | HK$0.203 | 4.43% |
| 2 | Sep 13, 2022 | Sep 13, 2022 | Sep 13, 2022 | HK$0.0688 | 1.02% |
| 3 | Jun 14, 2022 | Jun 14, 2022 | Jun 14, 2022 | HK$0.197 | 2.56% |
| 4 | Sep 10, 2021 | Sep 10, 2021 | Sep 10, 2021 | HK$0.0601 | 0.719% |
| 5 | May 28, 2021 | May 28, 2021 | May 28, 2021 | HK$0.180 | 2.68% |
FAQ
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