Weichai Power Co., Ltd. Stock Forecast
Weichai Power Co., Ltd. stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 21, 2024)
The Weichai Power Co., Ltd. stock price gained 0.528% on the last trading day (Tuesday, 21st May 2024), rising from HK$15.16 to HK$15.24. During the last trading day the stock fluctuated 3.97% from a day low at HK$15.10 to a day high of HK$15.70. The price has been going up and down for this period, and there has been a -6.96% loss for the last 2 weeks. Volume fell on the last day by -22 million shares and in total, 17 million shares were bought and sold for approximately HK$252.29 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 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$15.19 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 10.32% during the next 3 months and, with a 90% probability hold a price between HK$16.76 and HK$19.64 at the end of this 3-month period.
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2338.HK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 20, 2024, and so far it has risen 0.528%. Further rise is indicated until a new top pivot has been found. 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. The Weichai Power Co., Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$16.10 and HK$16.34. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Weichai Power Co., Ltd. stock
Weichai Power Co., Ltd. finds support from accumulated volume at HK$15.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.600 (3.97%) between high and low. For the last week, the stock has had daily average volatility of 5.10%.
Our recommended stop-loss: HK$14.35 (-5.85%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (2338.HK) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Weichai Power Co., Ltd. to open at HK$15.35, and during the day (based on 14 day Average True Range), to move between HK$14.57 and HK$15.91, which gives a possible trading interval of +/-HK$0.667 (+/-4.38%) up or down from last closing price. If Weichai Power Co., Ltd. takes out the full calculated possible swing range there will be an estimated 8.76% 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$15.16 (0.52%) than the resistance at HK$15.40 (1.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Weichai Power Co., Ltd. stock A Buy?
Weichai Power Co., Ltd. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.799 Hold/Accumulate Upgraded
Predicted Opening Price for Weichai Power Co., Ltd. of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| HK$15.35 ( 0.700%) | HK$15.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2338.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.95 | 4.64 % | |
| R2 | 15.72 | 3.13 % | ||
| R1 | 15.58 | 2.20 % | ||
| Current price: | 15.24 | |||
| Support | S1 | 15.12 | -0.80 % | |
| S2 | 14.98 | -1.73 % | ||
| S3 | 14.75 | -3.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.40 | 7.61 % | |
| R2 | 16.24 | 6.56 % | ||
| R1 | 15.40 | 1.05 % | ||
| Current price | 15.24 | |||
| Support | S1 | 15.16 | -0.525% | |
| S2 | 14.92 | -2.10% | ||
| S3 | 14.52 | -4.72% |
2338 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 28, 2023 | Sep 28, 2023 | Sep 28, 2023 | HK$0.247 | 2.34% |
| 2 | Jul 28, 2023 | Jul 28, 2023 | Jul 28, 2023 | HK$0.172 | 1.52% |
| 3 | Sep 22, 2022 | Sep 22, 2022 | Sep 22, 2022 | HK$0.110 | 1.27% |
| 4 | Jul 28, 2022 | Jul 28, 2022 | Jul 28, 2022 | HK$0.217 | 1.91% |
| 5 | Sep 21, 2021 | Sep 21, 2021 | Sep 21, 2021 | HK$0.222 | 1.31% |
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