Standard Chartered PLC Stock Forecast
Standard Chartered PLC stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Mar 28, 2024)
The Standard Chartered PLC stock price fell by -1.62% on the last day (Thursday, 28th Mar 2024) from HK$68.10 to HK$67.00. During the last trading day the stock fluctuated 0.750% from a day low at HK$66.65 to a day high of HK$67.15. The price has risen in 6 of the last 10 days and is up by 3.47% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -486 thousand shares and in total, 297 thousand shares were bought and sold for approximately HK$19.93 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 8.73% during the next 3 months and, with a 90% probability hold a price between HK$66.32 and HK$76.18 at the end of this 3-month period.
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2888.HK Signals & Forecast
The Standard Chartered PLC 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$66.44 and HK$63.52. A breakdown below any of these levels will issue sell signals. 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 Monday, March 04, 2024, and so far it has fallen -2.05%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Standard Chartered PLC stock
Standard Chartered PLC finds support from accumulated volume at HK$65.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$0.500 between high and low, or 0.750%. For the last week the stock has had daily average volatility of 0.96%.
Our recommended stop-loss: HK$64.32 (-4.00%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (2888.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect Standard Chartered PLC to open at HK$66.93, and during the day (based on 14 day Average True Range), to move between HK$65.80 and HK$68.20, which gives a possible trading interval of +/-HK$1.20 (+/-1.78%) up or down from last closing price. If Standard Chartered PLC takes out the full calculated possible swing range there will be an estimated 3.57% 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$68.10 (1.64%) than the support at HK$65.50 (2.24%), 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 Standard Chartered PLC stock A Buy?
Standard Chartered PLC 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: -0.069 Hold/Accumulate Downgraded
Predicted Opening Price for Standard Chartered PLC of Tuesday, April 2, 2024
Fair opening price April 2, 2024 | Current price |
---|---|
HK$66.93 ( 0.0995%) | HK$67.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2888.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 67.43 | 0.647 % | |
R2 | 67.24 | 0.362 % | ||
R1 | 67.12 | 0.186 % | ||
Current price: | 67.00 | |||
Support | S1 | 66.74 | -0.385 % | |
S2 | 66.62 | -0.561 % | ||
S3 | 66.43 | -0.85 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 68.40 | 2.09 % | ||
R1 | 68.10 | 1.64 % | ||
Current price | 67.00 | |||
Support | S1 | 65.50 | -2.24% | |
S2 | 62.45 | -6.79% | ||
S3 | 59.00 | -11.94% |
2888 Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 07, 2024 | Mar 07, 2024 | May 17, 2024 | HK$1.64 | 2.45% |
2 | Mar 06, 2024 | Mar 06, 2024 | May 17, 2024 | HK$0.210 | 0.314% |
3 | Feb 23, 2023 | Feb 23, 2023 | Feb 23, 2023 | HK$0.140 | 0.196% |
4 | Aug 11, 2022 | Aug 11, 2022 | Aug 11, 2022 | HK$0.0400 | 0.0694% |
5 | Feb 23, 2022 | Feb 23, 2022 | Feb 23, 2022 | HK$0.0900 | 0.147% |
FAQ
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