ZhongAn Online P & C Insurance Co., Ltd. Stock Forecast
ZhongAn Online P & C Insurance Co., Ltd. stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 09, 2024)
The ZhongAn Online P & C Insurance Co., Ltd. stock price gained 4.38% on the last trading day (Thursday, 9th May 2024), rising from HK$13.70 to HK$14.30. During the last trading day the stock fluctuated 3.77% from a day low at HK$13.80 to a day high of HK$14.32. The price has risen in 6 of the last 10 days and is up by 16.83% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 731 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately HK$58.11 million.
The stock lies in the upper part of a very wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at HK$14.51 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 6.80% during the next 3 months and, with a 90% probability hold a price between HK$12.14 and HK$15.49 at the end of this 3-month period.
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6060.HK Signals & Forecast
The ZhongAn Online P & C Insurance 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$14.01 and HK$12.93. 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 Monday, May 06, 2024, and so far it has fallen -1.11%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ZhongAn Online P & C Insurance Co., Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$13.26 and HK$12.72. 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, ZhongAn Online P & C Insurance Co., Ltd. finds support just below today's level at HK$13.26. If this is broken, then the next support from accumulated volume will be at HK$12.72 and HK$12.16.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$0.520 between high and low, or 3.77%. For the last week, the stock has had daily average volatility of 4.24%.
Our recommended stop-loss: HK$13.72 (-4.06%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (6060.HK) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect ZhongAn Online P & C Insurance Co., Ltd. to open at HK$14.14, and during the day (based on 14 day Average True Range), to move between HK$13.60 and HK$15.00, which gives a possible trading interval of +/-HK$0.698 (+/-4.88%) up or down from last closing price. If ZhongAn Online P & C Insurance Co., Ltd. takes out the full calculated possible swing range there will be an estimated 9.76% 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$14.40 (0.70%) than the support at HK$13.26 (7.27%), 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 ZhongAn Online P & C Insurance 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 ZhongAn Online P & C Insurance Co., Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.007 Buy Candidate Upgraded
Predicted Opening Price for ZhongAn Online P & C Insurance Co., Ltd. of Friday, May 10, 2024
Fair opening price May 10, 2024 | Current price |
---|---|
HK$14.14 ( 1.12%) | HK$14.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 6060.HK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 14.66 | 2.52 % | |
R2 | 14.46 | 1.13 % | ||
R1 | 14.34 | 0.270 % | ||
Current price: | 14.30 | |||
Support | S1 | 13.94 | -2.51 % | |
S2 | 13.82 | -3.37 % | ||
S3 | 13.62 | -4.76 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 14.46 | 1.12 % | ||
R1 | 14.40 | 0.699 % | ||
Current price | 14.30 | |||
Support | S1 | 13.26 | -7.27% | |
S2 | 12.72 | -11.05% | ||
S3 | 12.16 | -14.97% |
FAQ
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