Aluminum Corporation of China Limited Stock Forecast
Aluminum Corporation of China Limited stock price up 1.51% on Tuesday
(Updated on May 28, 2024)
The Aluminum Corporation of China Limited stock price gained 1.51% on the last trading day (Tuesday, 28th May 2024), rising from HK$5.95 to HK$6.04. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.39% from a day low at HK$5.90 to a day high of HK$6.10. The price has been going up and down for this period, and there has been a 9.03% gain for the last 2 weeks. Volume fell on the last day by -5 million shares and in total, 62 million shares were bought and sold for approximately HK$374.70 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 upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at HK$6.07 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 36.53% during the next 3 months and, with a 90% probability hold a price between HK$7.38 and HK$8.29 at the end of this 3-month period.
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2600.HK Signals & Forecast
Mostly positive signals in the chart today. The Aluminum Corporation of China 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$5.72 and HK$5.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 26.89%. 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 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.
Support, Risk & Stop-loss for Aluminum Corporation of China Limited stock
Aluminum Corporation of China Limited finds support from accumulated volume at HK$5.78 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$0.200 between high and low, or 3.39%. For the last week, the stock has had daily average volatility of 5.21%.
Our recommended stop-loss: HK$5.85 (-3.16%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (2600.HK) For The Upcoming Trading Day Of Wednesday 29th
For the upcoming trading day on Wednesday, 29th we expect Aluminum Corporation of China Limited to open at HK$6.01, and during the day (based on 14 day Average True Range), to move between HK$5.79 and HK$6.29, which gives a possible trading interval of +/-HK$0.251 (+/-4.16%) up or down from last closing price. If Aluminum Corporation of China Limited takes out the full calculated possible swing range there will be an estimated 8.32% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$5.78, some HK$0.260 (4.30%) from the current price of HK$6.04, our system finds the risk reward attractive.
Is Aluminum Corporation of China Limited stock A Buy?
Aluminum Corporation of China Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 7.257 Strong Buy Candidate Unchanged
Predicted Opening Price for Aluminum Corporation of China Limited of Wednesday, May 29, 2024
| Fair opening price May 29, 2024 | Current price |
|---|---|
| HK$6.01 ( 0.442%) | HK$6.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2600.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.21 | 2.87 % | |
| R2 | 6.14 | 1.60 % | ||
| R1 | 6.09 | 0.82 % | ||
| Current price: | 6.04 | |||
| Support | S1 | 5.94 | -1.71 % | |
| S2 | 5.89 | -2.49 % | ||
| S3 | 5.81 | -3.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.04 | |||
| Support | S1 | 5.78 | -4.30% | |
| S2 | 5.20 | -13.91% | ||
| S3 | 4.97 | -17.72% |
2600 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 27, 2024 | Jun 27, 2024 | Aug 20, 2024 | HK$0.0865 | 1.43% |
| 2 | Jun 23, 2023 | Jun 23, 2023 | Jun 23, 2023 | HK$0.0394 | 1.18% |
| 3 | Jun 29, 2022 | Jun 29, 2022 | Jun 29, 2022 | HK$0.0372 | 1.22% |
| 4 | Apr 28, 2011 | Apr 28, 2011 | Apr 28, 2011 | HK$0.0114 | 0.156% |
| 5 | Sep 25, 2008 | Sep 25, 2008 | Sep 25, 2008 | HK$0.0520 | 0.96% |
FAQ
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