China Power International Development Stock Forecast
Weaker technical forecast for China Power International Development as stock downgraded to Hold/Accumulate.
(Updated on May 08, 2024)
The China Power International Development stock price fell by -0.310% on the last day (Wednesday, 8th May 2024) from HK$3.23 to HK$3.22. During the last trading day the stock fluctuated 2.49% from a day low at HK$3.21 to a day high of HK$3.29. The price has risen in 5 of the last 10 days and is up by 2.88% 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 -3 million shares and in total, 30 million shares were bought and sold for approximately HK$96.98 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect China Power International Development stock with a 90% probability to be traded between HK$3.11 and HK$3.49 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
2380.HK Signals & Forecast
The China Power International Development stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$3.18 and HK$3.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 4.55%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 Power International Development stock
China Power International Development finds support from accumulated volume at HK$3.18 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$0.0800 between high and low, or 2.49%. For the last week the stock has had daily average volatility of 1.83%.
Our recommended stop-loss: HK$3.03 (-5.80%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (2380.HK) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect China Power International Development Limited to open at HK$3.24, and during the day (based on 14 day Average True Range), to move between HK$3.14 and HK$3.30, which gives a possible trading interval of +/-HK$0.0820 (+/-2.55%) up or down from last closing price. If China Power International Development Limited takes out the full calculated possible swing range there will be an estimated 5.09% 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$3.23 (0.31%) than the support at HK$3.18 (1.24%), 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 Power International Development Limited stock A Buy?
China Power International Development 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: -0.169 Hold/Accumulate Downgraded
Predicted Opening Price for China Power International Development Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| HK$3.24 ( 0.621%) | HK$3.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2380.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.32 | 3.11 % | |
| R2 | 3.29 | 2.16 % | ||
| R1 | 3.27 | 1.57 % | ||
| Current price: | 3.22 | |||
| Support | S1 | 3.21 | -0.328 % | |
| S2 | 3.19 | -0.91 % | ||
| S3 | 3.16 | -1.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.36 | 4.35 % | |
| R2 | 3.32 | 3.11 % | ||
| R1 | 3.23 | 0.311 % | ||
| Current price | 3.22 | |||
| Support | S1 | 3.18 | -1.24% | |
| S2 | 3.16 | -1.86% | ||
| S3 | 3.13 | -2.80% |
2380 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 11, 2024 | Jun 11, 2024 | Jun 28, 2024 | HK$0.146 | 4.52% |
| 2 | Jun 12, 2023 | Jun 12, 2023 | Jun 12, 2023 | HK$0.126 | 4.49% |
| 3 | Jun 07, 2022 | Jun 07, 2022 | Jun 07, 2022 | HK$0.0616 | 1.55% |
| 4 | Jun 07, 2021 | Jun 07, 2021 | Jun 07, 2021 | HK$0.156 | 9.10% |
| 5 | Mar 26, 2020 | Jun 15, 2020 | Jun 30, 2020 | HK$0.143 | 10.04% |
FAQ
Click here for our free guide on how to buy China Power International Development Limited Stock.
