Breakout Stocks of Week 5 @ OMXH
NASDAQ was up last week (week 4) by 1.12% ending at 15,628.95 points after gaining 173.59 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Stora Enso Oyj OMXH:STERV. This stock has had a buy signal since Feb 02, 2024 when the price was 11.39€ , but have so far fallen 0% to 11.39€. Some other companies are on our watchlist to, among these are which all got a breakout pattern emerging.
| Date | Company | Price | Week 5 |
|---|---|---|---|
| Stora Enso Oyj | 11.39€ | 11.22€ | -1.54% |
| Fortum Oyj | 12.31€ | 11.20€ | -9.02% |
The Stora Enso Oyj stock price gained 1.29% on the last trading day (Friday, 2nd Feb 2024), rising from 11.25€ to 11.39€. During the last trading day the stock fluctuated 2.77% from a day low at 11.19€ to a day high of 11.50€. The price has been going up and down for this period, and there has been a -1.43% loss for the last 2 weeks. Volume fell on the last day by -3 million shares and in total, 2 million shares were bought and sold for approximately 26.37€ 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.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About Stora Enso Oyj:
Stora Enso Oyj provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries worldwide. It operates through Packaging Materials, Packaging Solutions, Biomaterials, Wood Products, Forest, Paper, and Other segments. The company's Packaging Materials segment offers virgin and recycled fiber renewable and recyclable packaging materials for food and drink, pharmaceutical, and transport packaging. Its Packaging Solutions segment develops and sells fiber-based packaging products and services, including corrugated, carton board and other converting products, design services, automation solutions, and formed fiber and wood foams for various market sectors, such as store retail, e-commerce, and industrials. The company's Biomaterials segment provides various pulp grades for paper, board, tissue, textile, and hygiene product producers; and tall oil and turpentine from biomass. Its Wood Products segment offers wood-based solutions, including digital tools for designing of building projects; sawn woods; and pellets for sustainable heating, as well as applications for windows, doors, and packaging industries. The company's Forest segment engages in sustainable forest management, as well as supplies wood. Its Paper segment provides paper products for print and office use. The company's Other segment holds an interest in Pohjolan Voima Oy, a company that produces electricity and heat. It serves packaging manufacturers, brand owners, paper and board producers, publishers, retailers, printing houses, converters, joinery, and construction companies. The company was incorporated in 1996 and is headquartered in Helsinki, Finland.
The Fortum Oyj stock price fell by -0.485% on the last day (Friday, 2nd Feb 2024) from 12.37€ to 12.31€. During the last trading day the stock fluctuated 1.92% from a day low at 12.24€ to a day high of 12.48€. The price has been going up and down for this period, and there has been a 0.2% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -889 thousand shares and in total, 1 million shares were bought and sold for approximately 14.59€ million.
The Fortum Oyj stock holds several negative signals and despite the positive trend, we believe Fortum Oyj will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
About Fortum Oyj:
Fortum Oyj, together with its subsidiaries, engages in the generation and sale of electricity and heat in the Nordic countries, Germany, the United Kingdom, Russia, the Netherlands, the Baltic Rim area, and internationally. The company's Generation segment generates power through nuclear, hydro, wind, and thermal resources; and provides power portfolio optimization, trading, and industrial intelligence, as well as nuclear services. Its City Solutions develops solutions in the areas of heating, cooling, waste-to-energy, biomass, and other circular economy solutions, as well as solar power production. The company's Consumer Solutions segment engages in electricity and gas retail businesses, including the provision of invoicing and customer services; and electricity and related value-added products, as well as digital services. This segment serves approximately 2.4 million customers. Its Russia segment generates and sells power and heat. The company's Uniper segment engages in the power generation business, as well as energy trading and optimization activities. Fortum Oyj was founded in 1998 and is headquartered in Espoo, Finland.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
