PICC Property and Casualty Co Ltd Stock Forecast

Evaluation of PICC Property and Casualty Co Ltd stock downgraded after the last trading session.
(Updated on May 09, 2024)

2328.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 6.61%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The PICC Property and Casualty Co Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$10.09. On a fall, the stock will find some support from the short-term average at HK$9.58. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for PICC Property and Casualty Co Ltd stock

PICC Property and Casualty Co Ltd finds support from accumulated volume at HK$9.77 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$0.370 between high and low, or 3.86%. For the last week, the stock has had daily average volatility of 3.37%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (2328.HK) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect PICC Property and Casualty Company Limited to open at HK$9.79, and during the day (based on 14 day Average True Range), to move between HK$9.47 and HK$10.21, which gives a possible trading interval of +/-HK$0.374 (+/-3.80%) up or down from last closing price. If PICC Property and Casualty Company Limited takes out the full calculated possible swing range there will be an estimated 7.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$9.77 (0.71%) than the resistance at HK$10.38 (5.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is PICC Property and Casualty Company Limited stock A Buy?

PICC Property and Casualty Co Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Hold/Accumulate to a Sell candidate.

Current score: -1.581 Sell Candidate Downgraded

Predicted Opening Price for PICC Property and Casualty Company Limited of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.