Overseas Shipholding Group Stock Forecast
Overseas Shipholding Group stock downgraded from Buy Candidate to Sell Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Overseas Shipholding Group stock price gained 1.49% on the last trading day (Tuesday, 23rd Apr 2024), rising from $6.03 to $6.12. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.57% from a day low at $6.05 to a day high of $6.14. The price has risen in 5 of the last 10 days and is up by 1.32% over the past 2 weeks. Volume fell on the last day by -143 thousand shares and in total, 189 thousand shares were bought and sold for approximately $1.16 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 is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Overseas Shipholding Group stock with a 90% probability to be traded between $5.90 and $6.56 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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OSG Signals & Forecast
There are mixed signals in the stock today. The Overseas Shipholding Group stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $6.13. On a fall, the stock will find some support from the short-term average at $5.99. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.20%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Overseas Shipholding Group stock
Overseas Shipholding Group finds support from accumulated volume at $6.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0950 between high and low, or 1.57%. For the last week the stock has had daily average volatility of 2.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OSG) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Overseas Shipholding Group to open at $6.10, and during the day (based on 14 day Average True Range), to move between $5.96 and $6.28, which gives a possible trading interval of +/-$0.160 (+/-2.61%) up or down from last closing price. If Overseas Shipholding Group takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.13 (0.16%) than the support at $6.10 (0.33%), 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 Overseas Shipholding Group stock A Buy?
Overseas Shipholding Group holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -1.082 Sell Candidate Downgraded
Predicted Opening Price for Overseas Shipholding Group of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $6.10 ( 0.300%) | $6.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OSG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.20 | 1.25 % | |
| R2 | 6.16 | 0.660 % | ||
| R1 | 6.14 | 0.293 % | ||
| Current price: | 6.12 | |||
| Support | S1 | 6.07 | -0.89 % | |
| S2 | 6.04 | -1.26 % | ||
| S3 | 6.01 | -1.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.43 | 5.07 % | |
| R2 | 6.21 | 1.47 % | ||
| R1 | 6.13 | 0.163 % | ||
| Current price | 6.12 | |||
| Support | S1 | 6.10 | -0.327% | |
| S2 | 6.04 | -1.31% | ||
| S3 | 6.01 | -1.80% |
OSG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Apr 11, 2024 | $0.0600 | 0.98% |
| 2 | Dec 06, 2023 | Dec 20, 2023 | Jan 04, 2024 | $0.0600 | 1.16% |
| 3 | Mar 01, 2016 | Mar 16, 2016 | Mar 25, 2016 | $0.480 | 11.62% |
FAQ
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