Shinhan Financial Group Co Ltd Stock Forecast
Shinhan Financial Group Co Ltd stock upgraded from Hold/Accumulate to Strong Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Shinhan Financial Group Co Ltd stock price gained 4.25% on the last trading day (Tuesday, 2nd Jul 2024), rising from $34.61 to $36.08. During the last trading day the stock fluctuated 1.38% from a day low at $35.62 to a day high of $36.11. The price has been going up and down for this period, and there has been a 6.49% 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, 36 thousand more shares were traded than the day before. In total, 105 thousand shares were bought and sold for approximately $3.79 million.
The stock lies in the middle of a wide and 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 9.19% during the next 3 months and, with a 90% probability hold a price between $34.92 and $41.00 at the end of this 3-month period.
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SHG Signals & Forecast
Mostly positive signals in the chart today. The Shinhan Financial Group 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 $34.69 and $34.54. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 8.64%. 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 Shinhan Financial Group Co Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $34.14 and $32.80. 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, Shinhan Financial Group Co Ltd finds support just below today's level at $34.14. If this is broken, then the next support from accumulated volume will be at $32.80 and $31.80.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.490 between high and low, or 1.38%. For the last week the stock has had daily average volatility of 1.02%.
Our recommended stop-loss: $34.52 (-4.32%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (SHG) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Shinhan Financial Group Co Ltd to open at $35.94, and during the day (based on 14 day Average True Range), to move between $35.39 and $36.77, which gives a possible trading interval of +/-$0.695 (+/-1.93%) up or down from last closing price. If Shinhan Financial Group Co Ltd takes out the full calculated possible swing range there will be an estimated 3.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $36.11 (0.08%) than the support at $34.14 (5.38%), 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 Shinhan Financial Group Co Ltd stock A Buy?
Shinhan Financial Group Co 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 Hold/Accumulate to a Strong Buy candidate.
Current score: 6.743 Strong Buy Candidate Upgraded
Predicted Opening Price for Shinhan Financial Group Co Ltd of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $35.94 ( 0.397%) | $36.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 36.43 | 0.96% |
| R2 | 36.24 | 0.442% |
| R1 | 36.12 | 0.122% |
| Price | 36.08 | |
| S1 | 35.75 | -0.92% |
| S2 | 35.63 | -1.24% |
| S3 | 35.45 | -1.76% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 36.12 | 0.111% |
| R1 | 36.11 | 0.0831% |
| Price | 36.08 | |
| S1 | 34.14 | -5.38% |
| S2 | 32.80 | -9.09% |
| S3 | 31.80 | -11.86% |
SHG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 27, 2024 | May 17, 2024 | $0.310 | 0.87% |
| 2 | Mar 11, 2024 | Mar 20, 2024 | Apr 12, 2024 | $0.302 | 1.01% |
| 3 | Feb 08, 2024 | Feb 22, 2024 | Feb 22, 2024 | $0.310 | 0.96% |
| 4 | Sep 18, 2023 | Sep 28, 2023 | Nov 10, 2023 | $0.310 | 1.16% |
| 5 | Jun 09, 2023 | Jun 29, 2023 | Aug 11, 2023 | $0.310 | 1.18% |
FAQ
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