SINOPEC Engineering (Group) Co., Ltd. Stock Forecast
Green day on Wednesday for SINOPEC Engineering (Group) Co., Ltd.
(Updated on Jun 26, 2024)
The SINOPEC Engineering (Group) Co., Ltd. stock price gained 2.28% on the last trading day (Wednesday, 26th Jun 2024), rising from HK$5.26 to HK$5.38. During the last trading day the stock fluctuated 3.44% from a day low at HK$5.24 to a day high of HK$5.42. The price has risen in 6 of the last 10 days and is up by 4.47% 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, 1 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately HK$28.33 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 14.30% during the next 3 months and, with a 90% probability hold a price between HK$5.83 and HK$6.53 at the end of this 3-month period.
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2386.HK Signals & Forecast
The SINOPEC Engineering (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$5.28 and HK$5.20. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -1.65%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for SINOPEC Engineering (Group) Co., Ltd. stock
SINOPEC Engineering (Group) Co., Ltd. finds support from accumulated volume at HK$5.32 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$0.180 (3.44%) between high and low. For the last week, the stock has had daily average volatility of 2.37%.
Our recommended stop-loss: HK$5.17 (-3.90%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 25 days ago.)
Trading Expectations (2386.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect SINOPEC Engineering (Group) Co., Ltd. to open at HK$5.35, and during the day (based on 14 day Average True Range), to move between HK$5.24 and HK$5.52, which gives a possible trading interval of +/-HK$0.144 (+/-2.67%) up or down from last closing price. If SINOPEC Engineering (Group) Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.34% 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$5.39 (0.19%) than the support at HK$5.32 (1.12%), 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 SINOPEC Engineering (Group) Co., Ltd. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SINOPEC Engineering (Group) Co., Ltd. stock to perform well in the short-term.
Current score: 4.986 Buy Candidate Unchanged
Predicted Opening Price for SINOPEC Engineering (Group) Co., Ltd. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$5.35 ( 0.620%) | HK$5.38 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2386.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.53 | 2.73% |
| R2 | 5.46 | 1.45% |
| R1 | 5.42 | 0.658% |
| Price | 5.38 | |
| S1 | 5.28 | -1.90% |
| S2 | 5.24 | -2.69% |
| S3 | 5.17 | -3.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.47 | 1.67% |
| R2 | 5.45 | 1.30% |
| R1 | 5.39 | 0.186% |
| Price | 5.38 | |
| S1 | 5.32 | -1.12% |
| S2 | 5.26 | -2.23% |
| S3 | 4.92 | -8.55% |
2386 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 14, 2024 | May 14, 2024 | Jul 19, 2024 | HK$0.243 | 4.53% |
| 2 | Sep 05, 2023 | Sep 05, 2023 | Oct 27, 2023 | HK$0.130 | 3.27% |
| 3 | May 30, 2023 | May 30, 2023 | May 30, 2023 | HK$0.234 | 7.03% |
| 4 | Sep 09, 2022 | Sep 09, 2022 | Sep 09, 2022 | HK$0.137 | 4.05% |
| 5 | Jun 08, 2022 | Jun 08, 2022 | Jun 08, 2022 | HK$0.260 | 6.95% |
FAQ
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