Bank of Communications Co., Ltd. Stock Forecast

Bank of Communications Co., Ltd. stock price ended at HK$5.62 on Monday, after gaining 0.717%.
(Updated on May 06, 2024)

3328.HK Signals & Forecast

The Bank of Communications 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$5.54 and HK$5.30. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -0.707%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Thursday, February 01, 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 Bank of Communications Co., Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$5.25 and HK$5.23. 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, Bank of Communications Co., Ltd. finds support just below today's level at HK$5.25. If this is broken, then the next support from accumulated volume will be at HK$5.23 and HK$5.22.

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$0.0800 between high and low, or 1.43%. For the last week, the stock has had daily average volatility of 2.85%.

Our recommended stop-loss: HK$5.41 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (3328.HK) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Bank of Communications Co., Ltd. to open at HK$5.63, and during the day (based on 14 day Average True Range), to move between HK$5.49 and HK$5.75, which gives a possible trading interval of +/-HK$0.131 (+/-2.33%) up or down from last closing price. If Bank of Communications Co., Ltd. takes out the full calculated possible swing range there will be an estimated 4.67% 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$5.66 (0.71%) than the support at HK$5.25 (6.58%), 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 Bank of Communications Co., Ltd. stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bank of Communications Co., Ltd. stock to perform well in the short-term.

Current score: 3.041 Buy Candidate Unchanged

Predicted Opening Price for Bank of Communications Co., Ltd. of Tuesday, May 7, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.