Oversea-Chinese Banking Corp Ltd Stock Forecast
Oversea-Chinese Banking Corp Ltd stock upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)
The Oversea-Chinese Banking Corp Ltd stock price gained 1.20% on the last trading day (Friday, 17th May 2024), rising from $21.21 to $21.47. During the last trading day the stock fluctuated 1.30% from a day low at $21.22 to a day high of $21.50. The price has risen in 7 of the last 10 days and is up by 0.82% over the past 2 weeks. Volume fell on the last day by -461 shares and in total, 6 thousand shares were bought and sold for approximately $118.96 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.04% during the next 3 months and, with a 90% probability hold a price between $22.26 and $23.79 at the end of this 3-month period.
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OVCHY Signals & Forecast
The Oversea-Chinese Banking Corp 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 $21.07 and $20.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 08, 2024, and so far it has risen 5.53%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 also not.
Support, Risk & Stop-loss for Oversea-Chinese Banking Corp Ltd stock
Oversea-Chinese Banking Corp Ltd finds support from accumulated volume at $21.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.276 between high and low, or 1.30%. For the last week the stock has had daily average volatility of 3.00%
Our recommended stop-loss: $20.60 (-4.04%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (OVCHY) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Oversea-Chinese Banking Corporation Limited to open at $21.40, and during the day (based on 14 day Average True Range), to move between $20.77 and $22.16, which gives a possible trading interval of +/-$0.695 (+/-3.24%) up or down from last closing price. If Oversea-Chinese Banking Corporation Limited takes out the full calculated possible swing range there will be an estimated 6.47% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $21.10, some $0.365 (1.70%) from the current price of $21.47, our system finds the risk reward attractive.
Is Oversea-Chinese Banking Corporation Limited stock A Buy?
Oversea-Chinese Banking Corp Ltd holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.128 Strong Buy Candidate Upgraded
Predicted Opening Price for Oversea-Chinese Banking Corporation Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $21.40 ( 0.320%) | $21.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OVCHY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.67 | 0.97 % | |
| R2 | 21.57 | 0.475 % | ||
| R1 | 21.50 | 0.171 % | ||
| Current price: | 21.47 | |||
| Support | S1 | 21.29 | -0.81 % | |
| S2 | 21.23 | -1.11 % | ||
| S3 | 21.12 | -1.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 21.47 | |||
| Support | S1 | 21.10 | -1.70% | |
| S2 | 20.12 | -6.27% | ||
| S3 | 19.81 | -7.71% |
OVCHY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 28, 2024 | May 08, 2024 | Jun 05, 2024 | $0.570 | 2.65% |
| 2 | Aug 15, 2023 | Aug 15, 2023 | Sep 11, 2023 | $0.596 | 3.25% |
| 3 | Aug 04, 2023 | May 05, 2023 | Jun 05, 2023 | $0.594 | 3.27% |
| 4 | Aug 11, 2022 | Aug 12, 2022 | Sep 09, 2022 | $0.406 | 2.33% |
| 5 | Apr 29, 2022 | May 05, 2022 | Jun 06, 2022 | $0.417 | 2.43% |
FAQ
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