Agricultural Bank of China Stock Forecast
Agricultural Bank of China stock upgraded to Strong Buy Candidate.
(Updated on Apr 24, 2024)
The Agricultural Bank of China stock price gained 0.446% on the last trading day (Wednesday, 24th Apr 2024), rising from $11.20 to $11.25. It has now gained 6 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 1.17% from a day low at $11.12 to a day high of $11.25. The price has risen in 8 of the last 10 days and is up by 5.29% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 4 thousand shares were bought and sold for approximately $40.94 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 upper part of a strong rising 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 $11.38 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.17% during the next 3 months and, with a 90% probability hold a price between $11.95 and $12.87 at the end of this 3-month period.
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ACGBY Signals & Forecast
The Agricultural Bank 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 $11.01 and $10.59. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 8.33%. 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Thursday, October 05, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Thursday, October 05, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Agricultural Bank of China stock
On the downside, the stock finds support just below today's level from accumulated volume at $10.48 and $10.47. 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, Agricultural Bank of China finds support just below today's level at $10.48. If this is broken, then the next support from accumulated volume will be at $10.47 and $10.45.
In general the stock tends to have controlled movements and therefore the general risk is considered 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 $0.130 between high and low, or 1.17%. For the last week the stock has had daily average volatility of 1.49%.
Since the Agricultural Bank of China has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $10.89 (-3.18%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (ACGBY) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Agricultural Bank of China to open at $11.21, and during the day (based on 14 day Average True Range), to move between $11.06 and $11.44, which gives a possible trading interval of +/-$0.193 (+/-1.71%) up or down from last closing price. If Agricultural Bank of China takes out the full calculated possible swing range there will be an estimated 3.43% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $10.48, some $0.770 (6.84%) from the current price of $11.25, our system finds the risk reward attractive.
Is Agricultural Bank of China stock A Buy?
Agricultural Bank of China holds several positive signals and is within a strong 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: 5.892 Strong Buy Candidate Upgraded
Predicted Opening Price for Agricultural Bank of China of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $11.21 ( 0.385%) | $11.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACGBY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.34 | 0.770 % | |
| R2 | 11.29 | 0.329 % | ||
| R1 | 11.26 | 0.0562 % | ||
| Current price: | 11.25 | |||
| Support | S1 | 11.16 | -0.83 % | |
| S2 | 11.13 | -1.10 % | ||
| S3 | 11.08 | -1.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 11.25 | |||
| Support | S1 | 10.48 | -6.84% | |
| S2 | 10.47 | -6.93% | ||
| S3 | 10.45 | -7.11% |
ACGBY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 26, 2023 | Jul 07, 2023 | Aug 23, 2023 | $0.81 | 10.02% |
| 2 | Jun 30, 2022 | Jul 06, 2022 | Aug 23, 2023 | $0.81 | 10.09% |
| 3 | May 29, 2021 | Jun 08, 2021 | Jul 23, 2021 | $0.704 | 8.45% |
| 4 | Jun 12, 2020 | Jul 01, 2020 | Aug 17, 2020 | $0.643 | 7.15% |
| 5 | Apr 02, 2019 | Jun 10, 2019 | Jul 29, 2019 | $0.647 | 6.34% |
FAQ
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