Ping An Insurance (Group) Co of China, Stock Forecast
Red day on Monday for Ping An Insurance (Group) Co of China, stock after losing 2.34%
(Updated on May 06, 2024)
The Ping An Insurance (Group) Co of China, stock price fell by -2.34% on the last day (Monday, 6th May 2024) from $10.25 to $10.01. During the last trading day the stock fluctuated 1.00% from a day low at $10.00 to a day high of $10.10. The price has risen in 8 of the last 10 days and is up by 21.48% over the past 2 weeks. Volume has increased on the last day by 96 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 251 thousand shares were bought and sold for approximately $2.52 million.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $10.25 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Ping An Insurance (Group) Co of China, stock with a 90% probability to be traded between $7.50 and $10.11 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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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. 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 $9.56 and $8.64. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -2.34%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
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 $9.07 and $8.64. 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 $9.07. If this is broken, then the next support from accumulated volume will be at $8.64 and $7.71.
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 $0.1000 between high and low, or 1.00%. For the last week, the stock has had daily average volatility of 3.04%.
The Ping An Insurance (Group) Co of China, stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $9.69 (-3.19%) (This stock has high daily movements and this gives high risk. The RSI14 is 85 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (PNGAY) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Ping An Insurance (Group) Company of China, Ltd. to open at $10.04, and during the day (based on 14 day Average True Range), to move between $9.72 and $10.30, which gives a possible trading interval of +/-$0.291 (+/-2.91%) 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 5.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $10.25 (2.40%) than the support at $9.07 (9.39%), 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.
Current score: -0.486 Hold/Accumulate Unchanged
Predicted Opening Price for Ping An Insurance (Group) Company of China, Ltd. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $10.04 ( 0.266%) | $10.01 |
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 | 10.14 | 1.27 % | |
| R2 | 10.10 | 0.88 % | ||
| R1 | 10.07 | 0.648 % | ||
| Current price: | 10.01 | |||
| Support | S1 | 10.00 | -0.115 % | |
| S2 | 9.97 | -0.351 % | ||
| S3 | 9.94 | -0.733 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 10.25 | 2.40 % | ||
| Current price | 10.01 | |||
| Support | S1 | 9.07 | -9.39% | |
| S2 | 8.64 | -13.69% | ||
| S3 | 7.71 | -22.98% |
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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