CNOOC Energy Technology & Services Ltd Stock Forecast
Evaluation of CNOOC Energy Technology & Services Ltd stock downgraded after the last trading session.
(Updated on Jun 18, 2024)
The CNOOC Energy Technology & Services Ltd stock price gained 0.503% on the last trading day (Tuesday, 18th Jun 2024), rising from $3.98 to $4.00. During the last trading day the stock fluctuated 2.03% from a day low at $3.94 to a day high of $4.02. The price has fallen in 6 of the last 10 days and is down by -5.44% for this period. Volume fell on the last day by -8 million shares and in total, 29 million shares were bought and sold for approximately $114.55 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 lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.99 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 18.28% during the next 3 months and, with a 90% probability hold a price between $4.72 and $6.07 at the end of this 3-month period.
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600968.SS Signals & Forecast
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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The CNOOC Energy Technology & Services Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $4.04 and $4.18. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -13.42%. 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).
Support, Risk & Stop-loss for CNOOC Energy Technology & Services Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.76 and $3.71. 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, CNOOC Energy Technology & Services Ltd finds support just below today's level at $3.76. If this is broken, then the next support from accumulated volume will be at $3.71 and $3.64.
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 $0.0800 between high and low, or 2.03%. For the last week, the stock has had daily average volatility of 2.76%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (600968.SS) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect CNOOC Energy Technology & Services Limited to open at $3.99, and during the day (based on 14 day Average True Range), to move between $3.87 and $4.13, which gives a possible trading interval of +/-$0.125 (+/-3.13%) up or down from last closing price. If CNOOC Energy Technology & Services Limited takes out the full calculated possible swing range there will be an estimated 6.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.18 (4.50%) than the support at $3.76 (6.00%), 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 CNOOC Energy Technology & Services Limited stock A Buy?
The CNOOC Energy Technology & Services Ltd stock holds several negative signals and despite the positive trend, we believe CNOOC Energy Technology & Services Ltd will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.379 Sell Candidate Downgraded
Predicted Opening Price for CNOOC Energy Technology & Services Limited of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| $3.99 ( 0.333%) | $4.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 600968.SS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.07 | 1.67% |
| R2 | 4.04 | 0.90% |
| R1 | 4.02 | 0.431% |
| Price | 4.00 | |
| S1 | 3.96 | -1.10% |
| S2 | 3.94 | -1.57% |
| S3 | 3.91 | -2.33% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.22 | 5.50% |
| R2 | 4.20 | 5.00% |
| R1 | 4.18 | 4.50% |
| Price | 4.00 | |
| S1 | 3.76 | -6.00% |
| S2 | 3.71 | -7.25% |
| S3 | 3.64 | -9.00% |
600968 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | $0.0850 | 2.76% |
| 2 | Jul 11, 2022 | Jul 11, 2022 | Jul 11, 2022 | $0.0550 | 2.25% |
| 3 | Jul 09, 2021 | Jul 09, 2021 | Jul 09, 2021 | $0.0450 | 1.75% |
| 4 | Jul 10, 2020 | Jul 10, 2020 | Jul 10, 2020 | $0.0370 | 1.42% |
FAQ
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