Golden Ocean Stock Forecast
Golden Ocean stock downgraded to Strong Sell Candidate
(Updated on Apr 19, 2024)
The Golden Ocean stock price fell by -0.537% on the last day (Friday, 19th Apr 2024) from $13.04 to $12.97. During the last trading day the stock fluctuated 2.29% from a day low at $12.90 to a day high of $13.20. The price has been going up and down for this period, and there has been a 0.54% gain for the last 2 weeks. Volume has increased on the last day by 176 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $14.01 million.
Given the current short-term trend, the stock is expected to rise 25.15% during the next 3 months and, with a 90% probability hold a price between $16.23 and $19.24 at the end of this 3-month period.
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GOGL Signals & Forecast
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. The Golden Ocean stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $13.06 and $13.00. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -6.89%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Golden Ocean stock
Golden Ocean finds support from accumulated volume at $12.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.295 between high and low, or 2.29%. For the last week the stock has had daily average volatility of 2.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GOGL) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Golden Ocean Group Limited to open at $13.02, and during the day (based on 14 day Average True Range), to move between $12.65 and $13.29, which gives a possible trading interval of +/-$0.321 (+/-2.47%) up or down from last closing price. If Golden Ocean Group Limited takes out the full calculated possible swing range there will be an estimated 4.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $13.01 (0.31%) than the support at $12.88 (0.69%), 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 Golden Ocean Group Limited stock A Buy?
The Golden Ocean stock holds several negative signals and despite the positive trend, we believe Golden Ocean will perform weakly in the next couple of days or weeks. Therefore, we 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 Strong Sell candidate.
Current score: -5.244 Strong Sell Candidate Downgraded
Predicted Opening Price for Golden Ocean Group Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $13.02 ( 0.398%) | $12.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOGL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.32 | 2.67 % | |
| R2 | 13.20 | 1.80 % | ||
| R1 | 13.13 | 1.27 % | ||
| Current price: | 12.97 | |||
| Support | S1 | 12.91 | -0.470 % | |
| S2 | 12.84 | -1.01 % | ||
| S3 | 12.73 | -1.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.44 | 3.62 % | |
| R2 | 13.25 | 2.16 % | ||
| R1 | 13.01 | 0.308 % | ||
| Current price | 12.97 | |||
| Support | S1 | 12.88 | -0.694% | |
| S2 | 12.80 | -1.31% | ||
| S3 | 12.72 | -1.93% |
GOGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 12, 2024 | Mar 12, 2024 | Mar 25, 2024 | $0.300 | 2.37% |
| 2 | Dec 05, 2023 | Dec 05, 2023 | Dec 13, 2023 | $0.100 | 1.15% |
| 3 | Aug 29, 2023 | Sep 08, 2023 | Sep 19, 2023 | $0.100 | 1.31% |
| 4 | May 16, 2023 | May 25, 2023 | Jun 06, 2023 | $0.100 | 1.30% |
| 5 | Feb 16, 2023 | Feb 27, 2023 | Mar 09, 2023 | $0.200 | 2.08% |
FAQ
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