COSCO SHIPPING Development Co., Ltd. Stock Forecast
Evaluation of COSCO SHIPPING Development Co., Ltd. stock downgraded after the last trading session.
(Updated on May 17, 2024)
The COSCO SHIPPING Development Co., Ltd. stock price gained 4.04% on the last trading day (Friday, 17th May 2024), rising from HK$0.99 to HK$1.03. During the last trading day the stock fluctuated 4.04% from a day low at HK$0.99 to a day high of HK$1.03. The price has risen in 4 of the last 10 days and is up by 24.1% over the past 2 weeks. Volume fell on the last day by -4 million shares and in total, 27 million shares were bought and sold for approximately HK$28.09 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 has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at HK$0.93, a level that may pose a second chance to hit a runner.
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2866.HK Signals & Forecast
The COSCO SHIPPING Development 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$0.96 and HK$0.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 35.53%. 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. The stock had a Golden Star Signal on Thursday, April 18, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Thursday, April 18, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for COSCO SHIPPING Development Co., Ltd. stock
COSCO SHIPPING Development Co., Ltd. finds support from accumulated volume at HK$1.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.0400 between high and low, or 4.04%. For the last week, the stock has had daily average volatility of 6.04%.
The COSCO SHIPPING Development Co., Ltd. stock is extremely overbought on RSI14 (86). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: HK$1.00 (-2.78%) (This stock has high daily movements and this gives high risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 54 days ago.)
Trading Expectations (2866.HK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect COSCO SHIPPING Development Co., Ltd. to open at HK$1.02, and during the day (based on 14 day Average True Range), to move between HK$0.99 and HK$1.07, which gives a possible trading interval of +/-HK$0.0371 (+/-3.60%) up or down from last closing price. If COSCO SHIPPING Development Co., Ltd. takes out the full calculated possible swing range there will be an estimated 7.20% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ HK$1.00, some HK$0.0300 (2.91%) from the current price of HK$1.03, our system finds the risk reward attractive.
Is COSCO SHIPPING Development Co., Ltd. stock A Buy?
COSCO SHIPPING Development Co., Ltd. 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for COSCO SHIPPING Development Co., Ltd. of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
HK$1.02 ( 1.29%) | HK$1.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2866.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.06 | 2.59 % | |
R2 | 1.04 | 1.11 % | ||
R1 | 1.03 | 0.189 % | ||
Current price: | 1.03 | |||
Support | S1 | 1.00 | -2.78 % | |
S2 | 0.99 | -3.69 % | ||
S3 | 0.98 | -5.18 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 1.03 | |||
Support | S1 | 1.00 | -2.91% | |
S2 | 0.95 | -7.77% | ||
S3 | 0.82 | -20.39% |
2866 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | HK$0.0946 | 10.75% |
2 | Jul 28, 2022 | Jul 28, 2022 | Jul 28, 2022 | HK$0.265 | 20.21% |
3 | Jul 28, 2021 | Jul 28, 2021 | Jul 28, 2021 | HK$0.0672 | 4.74% |
4 | Jul 28, 2020 | Jul 28, 2020 | Jul 28, 2020 | HK$0.0493 | 6.49% |
5 | Jul 18, 2019 | Jul 18, 2019 | Jul 18, 2019 | HK$0.0376 | 3.87% |
FAQ
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