COSCO SHIPPING Holdings Co., Ltd. Stock Forecast

Green day on Thursday for COSCO SHIPPING Holdings Co., Ltd. stock after gaining 0.0438%
(Updated on May 16, 2024)

CICOY Signals & Forecast

The COSCO SHIPPING Holdings 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 $7.61 and $6.13. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 50.25%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for COSCO SHIPPING Holdings Co., Ltd. stock

COSCO SHIPPING Holdings Co., Ltd. finds support from accumulated volume at $7.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.200 between high and low, or 2.56%. For the last week the stock has had daily average volatility of 2.47%.

The COSCO SHIPPING Holdings Co., Ltd. stock is extremely overbought on RSI14 (99). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the COSCO SHIPPING Holdings Co., Ltd. has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $7.79 (-2.52%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 99 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (CICOY) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect COSCO SHIPPING Holdings Co., Ltd. to open at $7.93, and during the day (based on 14 day Average True Range), to move between $7.78 and $8.21, which gives a possible trading interval of +/-$0.215 (+/-2.69%) up or down from last closing price. If COSCO SHIPPING Holdings Co., Ltd. takes out the full calculated possible swing range there will be an estimated 5.38% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $7.99, some $0.0035 (0.04%) from the current price of $7.99, our system finds the risk reward attractive.

Is COSCO SHIPPING Holdings Co., Ltd. stock A Buy?

COSCO SHIPPING Holdings Co., Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for COSCO SHIPPING Holdings Co., Ltd. of Friday, May 17, 2024

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