China Pacific Insurance (Group) Co., Stock Forecast
Stronger technical forecast for China Pacific Insurance (Group) Co., stock price after Friday trading.
(Updated on Jun 28, 2024)
The China Pacific Insurance (Group) Co., stock price fell by -2.95% on the last day (Friday, 28th Jun 2024) from HK$19.64 to HK$19.06. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 4.11% from a day low at HK$18.98 to a day high of HK$19.76. The price has fallen in 7 of the last 10 days and is down by -4.32% for this period. Volume has increased on the last day by 5 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 15 million shares were bought and sold for approximately HK$290.89 million.
Given the current short-term trend, the stock is expected to rise 37.95% during the next 3 months and, with a 90% probability hold a price between HK$26.29 and HK$35.15 at the end of this 3-month period.
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2601.HK Signals & Forecast
There are few to no technical positive signals at the moment. The China Pacific Insurance (Group) Co., 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$20.12 and HK$20.50. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -13.95%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for China Pacific Insurance (Group) Co., stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$17.90 and HK$14.80. 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, China Pacific Insurance (Group) Co., finds support just below today's level at HK$17.90. If this is broken, then the next support from accumulated volume will be at HK$14.80 and HK$14.48.
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$0.780 between high and low, or 4.11%. For the last week, the stock has had daily average volatility of 3.58%.
Our recommended stop-loss: HK$18.05 (-5.28%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 61 days ago.)
Trading Expectations (2601.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect China Pacific Insurance (Group) Co., Ltd. to open at HK$19.27, and during the day (based on 14 day Average True Range), to move between HK$18.21 and HK$19.91, which gives a possible trading interval of +/-HK$0.85 (+/-4.44%) up or down from last closing price. If China Pacific Insurance (Group) Co., Ltd. takes out the full calculated possible swing range there will be an estimated 8.88% 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$20.00 (4.93%) than the support at HK$17.90 (6.09%), 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 Pacific Insurance (Group) Co., Ltd. stock A Buy?
China Pacific Insurance (Group) Co., 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 Strong Sell to a Hold/Accumulate candidate.
Current score: -0.500 Hold/Accumulate Upgraded
Predicted Opening Price for China Pacific Insurance (Group) Co., Ltd. of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$19.27 ( 1.08%) | HK$19.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2601.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.05 | 5.18% |
| R2 | 19.75 | 3.61% |
| R1 | 19.56 | 2.65% |
| Price | 19.06 | |
| S1 | 18.97 | -0.479% |
| S2 | 18.78 | -1.44% |
| S3 | 18.49 | -3.01% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.05 | 10.44% |
| R2 | 20.60 | 8.08% |
| R1 | 20.00 | 4.93% |
| Price | 19.06 | |
| S1 | 17.90 | -6.09% |
| S2 | 14.80 | -22.35% |
| S3 | 14.48 | -24.03% |
2601 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 12, 2024 | Jun 12, 2024 | Jul 12, 2024 | HK$1.10 | 5.77% |
| 2 | May 30, 2023 | May 30, 2023 | May 30, 2023 | HK$1.13 | 5.63% |
| 3 | Jun 10, 2022 | Jun 10, 2022 | Jun 10, 2022 | HK$1.18 | 6.69% |
| 4 | Jun 01, 2021 | Jun 01, 2021 | Jun 01, 2021 | HK$0.121 | 0.440% |
| 5 | May 14, 2020 | May 14, 2020 | May 14, 2020 | HK$1.31 | 5.97% |
FAQ
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