Pacific Basin Shipping Limited Stock Forecast
Weaker technical forecast for Pacific Basin Shipping Limited as stock downgraded to Hold/Accumulate.
(Updated on May 08, 2024)
The Pacific Basin Shipping Limited stock price gained 1.81% on the last trading day (Wednesday, 8th May 2024), rising from HK$2.77 to HK$2.82. During the last trading day the stock fluctuated 3.21% from a day low at HK$2.80 to a day high of HK$2.89. The price has risen in 5 of the last 10 days and is up by 4.06% 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, 20 million more shares were traded than the day before. In total, 34 million shares were bought and sold for approximately HK$96.34 million.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at HK$2.80, a level that may pose a second chance to hit a runner. According to fan-theory HK$3.11 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
2343.HK Signals & Forecast
The Pacific Basin Shipping 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$2.75 and HK$2.50. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 24.78%. 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 Pacific Basin Shipping Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$2.46 and HK$2.41. 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, Pacific Basin Shipping Limited finds support just below today's level at HK$2.46. If this is broken, then the next support from accumulated volume will be at HK$2.41 and HK$2.35.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.0900 between high and low, or 3.21%. For the last week, the stock has had daily average volatility of 2.94%.
The Pacific Basin Shipping Limited stock is extremely overbought on RSI14 (90). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: HK$2.73 (-3.20%) (This stock has high daily movements and this gives high risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (2343.HK) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Pacific Basin Shipping Limited to open at HK$2.84, and during the day (based on 14 day Average True Range), to move between HK$2.72 and HK$2.92, which gives a possible trading interval of +/-HK$0.103 (+/-3.65%) up or down from last closing price. If Pacific Basin Shipping Limited takes out the full calculated possible swing range there will be an estimated 7.29% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$2.46, some HK$0.360 (12.77%) from the current price of HK$2.82, our system finds the risk reward attractive.
Is Pacific Basin Shipping Limited stock A Buy?
Pacific Basin Shipping 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Pacific Basin Shipping Limited of Thursday, May 9, 2024
Fair opening price May 9, 2024 | Current price |
---|---|
HK$2.84 ( 0.591%) | HK$2.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2343.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.93 | 3.78 % | |
R2 | 2.89 | 2.56 % | ||
R1 | 2.87 | 1.81 % | ||
Current price: | 2.82 | |||
Support | S1 | 2.80 | -0.628 % | |
S2 | 2.78 | -1.38 % | ||
S3 | 2.75 | -2.60 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 2.82 | |||
Support | S1 | 2.46 | -12.77% | |
S2 | 2.41 | -14.54% | ||
S3 | 2.35 | -16.67% |
2343 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 25, 2024 | Apr 25, 2024 | May 09, 2024 | HK$0.0570 | 2.02% |
2 | Apr 25, 2023 | Apr 25, 2023 | Apr 25, 2023 | HK$0.0900 | 3.30% |
3 | Aug 10, 2022 | Aug 10, 2022 | Aug 10, 2022 | HK$0.170 | 5.90% |
4 | Apr 21, 2022 | Apr 21, 2022 | Apr 21, 2022 | HK$0.180 | 4.63% |
5 | Aug 11, 2021 | Aug 11, 2021 | Aug 11, 2021 | HK$0.140 | 3.90% |
FAQ
Click here for our free guide on how to buy Pacific Basin Shipping Limited Stock.