ICBC Turkey Bank A.S. Stock Forecast
Evaluation of ICBC Turkey Bank A.S. stock downgraded after the last trading session.
(Updated on May 02, 2024)
The ICBC Turkey Bank A.S. stock price gained 2.60% on the last trading day (Thursday, 2nd May 2024), rising from TRY 15.77 to TRY 16.18. During the last trading day the stock fluctuated 3.05% from a day low at TRY 15.75 to a day high of TRY 16.23. The price has been going up and down for this period, and there has been a 2.86% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 200 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately TRY 23.50 million.
The stock lies the upper part of a wide and falling 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 TRY 16.78 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -12.91% during the next 3 months and, with a 90% probability hold a price between TRY 11.95 and TRY 14.62 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ICBCT.IS Signals & Forecast
The ICBC Turkey Bank A.S. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately TRY 16.19. On a fall, the stock will find some support from the long-term average at approximately TRY 15.59. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, April 03, 2024, and so far it has risen 12.28%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for ICBC Turkey Bank A.S. stock
ICBC Turkey Bank A.S. finds support from accumulated volume at TRY 15.95 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 TRY 0.480 between high and low, or 3.05%. For the last week, the stock has had daily average volatility of 4.11%.
Our recommended stop-loss: TRY 15.40 (-4.84%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (ICBCT.IS) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect ICBC Turkey Bank A.S. to open at TRY 16.05, and during the day (based on 14 day Average True Range), to move between TRY 15.51 and TRY 16.85, which gives a possible trading interval of +/-TRY 0.669 (+/-4.14%) up or down from last closing price. If ICBC Turkey Bank A.S. takes out the full calculated possible swing range there will be an estimated 8.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at TRY 15.95 (1.42%) than the resistance at TRY 17.48 (8.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ICBC Turkey Bank A.S. stock A Buy?
ICBC Turkey Bank A.S. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.993 Hold/Accumulate Downgraded
Predicted Opening Price for ICBC Turkey Bank A.S. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| TRY 16.05 ( 0.783%) | TRY 16.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICBCT.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.53 | 2.18 % | |
| R2 | 16.35 | 1.05 % | ||
| R1 | 16.24 | 0.350 % | ||
| Current price: | 16.18 | |||
| Support | S1 | 15.87 | -1.92 % | |
| S2 | 15.76 | -2.62 % | ||
| S3 | 15.57 | -3.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.33 | 13.29 % | |
| R2 | 17.78 | 9.89 % | ||
| R1 | 17.48 | 8.03 % | ||
| Current price | 16.18 | |||
| Support | S1 | 15.95 | -1.42% | |
| S2 | 15.46 | -4.45% | ||
| S3 | 15.29 | -5.50% |
FAQ
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