Bank of China Limited Stock Forecast
Bank of China Limited stock downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Jun 20, 2024)
The Bank of China Limited stock price fell by -0.765% on the last day (Thursday, 20th Jun 2024) from HK$3.92 to HK$3.89. During the last trading day the stock fluctuated 3.12% from a day low at HK$3.85 to a day high of HK$3.97. The price has risen in 7 of the last 10 days and is up by 4.01% 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 -243 million shares and in total, 296 million shares were bought and sold for approximately HK$1.15 billion.
The stock lies in the middle of a wide and strong 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 20.95% during the next 3 months and, with a 90% probability hold a price between HK$4.56 and HK$5.09 at the end of this 3-month period.
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3988.HK Signals & Forecast
The Bank of China 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$3.79 and HK$3.75. 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 Wednesday, May 22, 2024, and so far it has fallen -1.77%. 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 Bank of China Limited stock
Bank of China Limited finds support from accumulated volume at HK$3.87 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$0.120 (3.12%) between high and low. For the last week, the stock has had daily average volatility of 2.87%.
Our recommended stop-loss: HK$3.75 (-3.64%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (3988.HK) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Bank of China Limited to open at HK$3.90, and during the day (based on 14 day Average True Range), to move between HK$3.80 and HK$3.98, which gives a possible trading interval of +/-HK$0.0926 (+/-2.38%) up or down from last closing price. If Bank of China Limited takes out the full calculated possible swing range there will be an estimated 4.76% 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$3.91 (0.51%) than the support at HK$3.87 (0.51%), 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 China Limited 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 China Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.272 Buy Candidate Downgraded
Predicted Opening Price for Bank of China Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| HK$3.90 ( 0.343%) | HK$3.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3988.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.02 | 3.43% |
| R2 | 3.98 | 2.25% |
| R1 | 3.95 | 1.52% |
| Price | 3.89 | |
| S1 | 3.86 | -0.84% |
| S2 | 3.83 | -1.56% |
| S3 | 3.78 | -2.74% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.96 | 1.80% |
| R2 | 3.92 | 0.771% |
| R1 | 3.91 | 0.514% |
| Price | 3.89 | |
| S1 | 3.87 | -0.514% |
| S2 | 3.74 | -3.86% |
| S3 | 3.46 | -11.05% |
3988 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 08, 2024 | Jul 08, 2024 | Aug 05, 2024 | HK$0.256 | 6.58% |
| 2 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | HK$0.252 | 9.06% |
| 3 | Jul 07, 2022 | Jul 07, 2022 | Jul 07, 2022 | HK$0.259 | 8.99% |
| 4 | May 27, 2021 | May 27, 2021 | May 27, 2021 | HK$0.238 | 8.14% |
| 5 | Jul 07, 2020 | Jul 07, 2020 | Jul 07, 2020 | HK$0.209 | 7.22% |
FAQ
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