China Ocean Group Development Limited Stock Forecast

Weaker technical forecast for China Ocean Group Development Limited as stock downgraded to Strong Sell Candidate.
(Updated on Jun 28, 2024)

8047.HK Signals & Forecast

There are few to no technical positive signals at the moment. The China Ocean Group Development Limited 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 HK$0.0321 and HK$0.0368. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -27.27%. 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). China Ocean Group Development Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for China Ocean Group Development Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at HK$0.0290 and HK$0.0280. 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, China Ocean Group Development Limited finds support just below today's level at HK$0.0290. If this is broken, then the next support from accumulated volume will be at HK$0.0280 and HK$0.0270.

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$0.0010 between high and low, or 3.13%. For the last week, the stock has had daily average volatility of 3.21%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (8047.HK) For The Upcoming Trading Day Of Tuesday 2nd

For the upcoming trading day on Tuesday, 2nd we expect China Ocean Group Development Limited to open at HK$0.0323, and during the day (based on 14 day Average True Range), to move between HK$0.0296 and HK$0.0344, which gives a possible trading interval of +/-HK$0.0024 (+/-7.54%) up or down from last closing price. If China Ocean Group Development Limited takes out the full calculated possible swing range there will be an estimated 15.09% 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$0.0330 (3.13%) than the support at HK$0.0290 (9.38%), 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 China Ocean Group Development Limited stock A Buy?

China Ocean Group Development Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Sell to a Strong Sell candidate.

Current score: -5.502 Strong Sell Candidate Downgraded

Predicted Opening Price for China Ocean Group Development Limited of Tuesday, July 2, 2024

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