Ping An Insurance (Group) Co of China, Stock Forecast
Evaluation of Ping An Insurance (Group) Co of China, stock downgraded after the last trading session.
(Updated on Apr 26, 2024)
The Ping An Insurance (Group) Co of China, stock price gained 1.34% on the last trading day (Friday, 26th Apr 2024), rising from $8.98 to $9.10. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.56% from a day low at $9.00 to a day high of $9.14. The price has risen in 8 of the last 10 days and is up by 17.88% over the past 2 weeks. Volume fell on the last day by -184 thousand shares and in total, 120 thousand shares were bought and sold for approximately $1.09 million. 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 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 $9.32 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 -4.75% during the next 3 months and, with a 90% probability hold a price between $7.21 and $8.88 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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PNGAY Signals & Forecast
The Ping An Insurance (Group) Co of China, stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $8.51 and $8.57. 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 19.27%. 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 also not.
Support, Risk & Stop-loss for Ping An Insurance (Group) Co of China, stock
On the downside, the stock finds support just below today's level from accumulated volume at $8.64 and $8.61. 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, Ping An Insurance (Group) Co of China, finds support just below today's level at $8.64. If this is broken, then the next support from accumulated volume will be at $8.61 and $7.71.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.140 between high and low, or 1.56%. For the last week the stock has had daily average volatility of 2.79%.
Since the Ping An Insurance (Group) Co of China, has been rising for 8 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: $8.81 (-3.22%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (PNGAY) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Ping An Insurance (Group) Company of China, Ltd. to open at $9.08, and during the day (based on 14 day Average True Range), to move between $8.85 and $9.35, which gives a possible trading interval of +/-$0.246 (+/-2.71%) up or down from last closing price. If Ping An Insurance (Group) Company of China, Ltd. takes out the full calculated possible swing range there will be an estimated 5.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.18 (0.88%) than the support at $8.64 (5.05%), 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 Ping An Insurance (Group) Company of China, Ltd. stock A Buy?
Ping An Insurance (Group) Co of China, 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: 0.602 Hold/Accumulate Downgraded
Predicted Opening Price for Ping An Insurance (Group) Company of China, Ltd. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $9.08 ( 0.220%) | $9.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PNGAY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.22 | 1.32 % | |
| R2 | 9.17 | 0.731 % | ||
| R1 | 9.13 | 0.368 % | ||
| Current price: | 9.10 | |||
| Support | S1 | 9.03 | -0.81 % | |
| S2 | 8.99 | -1.17 % | ||
| S3 | 8.94 | -1.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.40 | 3.30 % | |
| R2 | 9.23 | 1.43 % | ||
| R1 | 9.18 | 0.88 % | ||
| Current price | 9.10 | |||
| Support | S1 | 8.64 | -5.05% | |
| S2 | 8.61 | -5.38% | ||
| S3 | 7.71 | -15.27% |
PNGAY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 30, 2023 | Sep 08, 2023 | Nov 06, 2023 | $0.255 | 2.42% |
| 2 | Jun 08, 2023 | Jun 13, 2023 | Jul 20, 2023 | $0.435 | 3.41% |
| 3 | Sep 15, 2022 | Sep 19, 2022 | Oct 31, 2022 | $0.309 | 3.87% |
| 4 | May 27, 2022 | May 31, 2022 | Jun 30, 2022 | $0.454 | 3.30% |
| 5 | Aug 30, 2021 | Sep 27, 2021 | Nov 04, 2021 | $0.271 | 1.93% |
FAQ
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