Bank of China Limited Stock Forecast

Red day on Monday for Bank of China Limited stock after losing 0.306%
(Updated on Apr 15, 2024)

3988.HK Signals & Forecast

A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -2.10%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Bank of China Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately HK$3.28. On a fall, the stock will find some support from the long-term average at approximately HK$3.20. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.

Support, Risk & Stop-loss for Bank of China Limited stock

Bank of China Limited finds support from accumulated volume at HK$3.23 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$0.0500 between high and low, or 1.54%. For the last week the stock has had daily average volatility of 1.65%.

Our recommended stop-loss: HK$3.14 (-3.79%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (3988.HK) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect Bank of China Limited to open at HK$3.26, and during the day (based on 14 day Average True Range), to move between HK$3.20 and HK$3.32, which gives a possible trading interval of +/-HK$0.0602 (+/-1.85%) 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 3.69% 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$3.27 (0.31%) than the support at HK$3.23 (0.92%), 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 of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 1.328 Buy Candidate Unchanged

Predicted Opening Price for Bank of China Limited of Tuesday, April 16, 2024

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