Shanghai Electric Group Company Limited Stock Forecast
Shanghai Electric Group Company Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Shanghai Electric Group Company Limited stock price gained 3.05% on the last trading day (Friday, 17th May 2024), rising from HK$1.64 to HK$1.69. During the last trading day the stock fluctuated 3.64% from a day low at HK$1.65 to a day high of HK$1.71. The price has been going up and down for this period, and there has been a 11.92% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 449 thousand more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately HK$15.50 million.
The stock lies in the middle of a wide and weak 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 8.13% during the next 3 months and, with a 90% probability hold a price between HK$1.63 and HK$1.90 at the end of this 3-month period.
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2727.HK Signals & Forecast
The Shanghai Electric Group Company 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$1.64 and HK$1.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 13.42%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Shanghai Electric Group Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$1.60 and HK$1.58. 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, Shanghai Electric Group Company Limited finds support just below today's level at HK$1.60. If this is broken, then the next support from accumulated volume will be at HK$1.58 and HK$1.57.
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$0.0600 between high and low, or 3.64%. For the last week, the stock has had daily average volatility of 3.05%.
Our recommended stop-loss: HK$1.62 (-4.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (2727.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Shanghai Electric Group Company Limited to open at HK$1.68, and during the day (based on 14 day Average True Range), to move between HK$1.63 and HK$1.75, which gives a possible trading interval of +/-HK$0.0588 (+/-3.48%) up or down from last closing price. If Shanghai Electric Group Company Limited takes out the full calculated possible swing range there will be an estimated 6.96% 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$1.70 (0.59%) than the support at HK$1.60 (5.33%), 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 Shanghai Electric Group Company Limited stock A Buy?
Shanghai Electric Group Company Limited holds several positive signals and is within a weak 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.927 Strong Buy Candidate Upgraded
Predicted Opening Price for Shanghai Electric Group Company Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| HK$1.68 ( 0.394%) | HK$1.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2727.HK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.74 | 3.16 % | |
| R2 | 1.72 | 1.80 % | ||
| R1 | 1.71 | 0.96 % | ||
| Current price: | 1.69 | |||
| Support | S1 | 1.66 | -1.75 % | |
| S2 | 1.65 | -2.59 % | ||
| S3 | 1.62 | -3.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.73 | 2.37 % | |
| R2 | 1.71 | 1.18 % | ||
| R1 | 1.70 | 0.592 % | ||
| Current price | 1.69 | |||
| Support | S1 | 1.60 | -5.33% | |
| S2 | 1.58 | -6.51% | ||
| S3 | 1.57 | -7.10% |
2727 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 09, 2021 | Jul 09, 2021 | Jul 09, 2021 | HK$0.0862 | 4.56% |
| 2 | Jun 21, 2019 | Jun 21, 2019 | Jun 21, 2019 | HK$0.0699 | 2.50% |
| 3 | Jul 17, 2018 | Jul 17, 2018 | Jul 17, 2018 | HK$0.110 | 4.28% |
| 4 | Jul 10, 2018 | Jul 10, 2018 | Jul 10, 2018 | HK$0.110 | 4.17% |
| 5 | May 12, 2015 | May 12, 2015 | May 12, 2015 | HK$0.0587 | 0.730% |
FAQ
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