China Shipbuilding Industry Co Ltd Stock Forecast

China Shipbuilding Industry Co Ltd stock upgraded to Hold/Accumulate.
(Updated on Jun 26, 2024)

601989.SS Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 25, 2024, and so far it has risen 0.427%. Further rise is indicated until a new top pivot has been found. 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 China Shipbuilding Industry Co 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 $4.76 and $4.98. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Thursday, January 11, 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 China Shipbuilding Industry Co Ltd stock

China Shipbuilding Industry Co Ltd finds support from accumulated volume at $4.68 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.130 between high and low, or 2.83%. For the last week, the stock has had daily average volatility of 2.70%.

Our recommended stop-loss: $4.43 (-5.81%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 30 days ago.)

Trading Expectations (601989.SS) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect China Shipbuilding Industry Company Limited to open at $4.68, and during the day (based on 14 day Average True Range), to move between $4.57 and $4.83, which gives a possible trading interval of +/-$0.131 (+/-2.80%) up or down from last closing price. If China Shipbuilding Industry Company Limited takes out the full calculated possible swing range there will be an estimated 5.59% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $4.68 (0.43%) than the resistance at $4.82 (2.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is China Shipbuilding Industry Company Limited stock A Buy?

China Shipbuilding Industry Co Ltd holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.486 Hold/Accumulate Upgraded

Predicted Opening Price for China Shipbuilding Industry Company Limited of Thursday, June 27, 2024

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