With the current price of $20.76,the stock of OneConnect Financial Technology Co.,Ltd. (NYSE:OCFT) concluded the trading session seeing its price drop by -0.24 points or at a loss of -1.14% compared to its previous day’s closing price of $21. About 1.192 million shares of the stock changed hands on the day. The trading volume of OCFT’s shares during the past session compares with the stock’s average daily trading volume of 0.795 million shares. On the other hand,a float of 115 million shares and a weekly performance of 13.13% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $26.59 for OCFT’s share which suggests that the stock,price of which is currently buoying between $20.36 and $21.22,has a potential to gain 28.08%. But still,there are some analysts recommending a price below the agreed average price and one of them has given a target price of $23.2 to the stock.
The latest data released on July 31,2020 shows that the short float in the OneConnect Financial Technology Co.,Ltd.’s stock is trending downward as short interest in OCFT shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the OCFT is currently comprised of 2.91% of the float. Over the past two weeks,stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares.
Current indicators are pointing at 47.24 as 14-days RSI of OneConnect Financial Technology Co.,Ltd. This means that the OCFT is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly,the stochastic oscillator is indicating a momentum of 39.31%,implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $21.23 for the OCFT’s share while placing it at a 2nd resistance point of $21.66 to be settled at. But if the stock takes a plunge lower than the 1st support price of $20.37 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $19.94.
MACD oscillator is showing a reading of 1.03 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average,which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
The average rating of 2 for OCFT is placing the stock in bullish category at the moment. In a poll by Reuters including 6 analysts in it who kept tracking the OneConnect Financial Technology Co.,Ltd.,2 rated the stock as hold. Others were in different opinions for the OCFT. Out of remaining 4 analysts,4 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.