Orthofix International N.V. Stock Forecast
Evaluation of Orthofix International N.V. stock downgraded after the last trading session.
(Updated on May 17, 2024)
The Orthofix International N.V. stock price fell by -0.728% on the last day (Friday, 17th May 2024) from $15.11 to $15.00. During the last trading day the stock fluctuated 3.21% from a day low at $14.69 to a day high of $15.16. The price has risen in 6 of the last 10 days and is up by 10.29% over the past 2 weeks. Volume has increased on the last day by 136 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, 306 thousand shares were bought and sold for approximately $4.59 million.
The stock lies in the upper part of a wide and weak 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 $15.39 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 4.10% during the next 3 months and, with a 90% probability hold a price between $13.67 and $16.02 at the end of this 3-month period.
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OFIX Signals & Forecast
The Orthofix International N.V. 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 $14.97 and $13.83. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -2.41%. 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 Orthofix International N.V. stock
Orthofix International N.V. finds support from accumulated volume at $14.90 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.472 between high and low, or 3.21%. For the last week, the stock has had daily average volatility of 2.91%.
Our recommended stop-loss: $14.49 (-3.39%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (OFIX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Orthofix International N.V. to open at $14.95, and during the day (based on 14 day Average True Range), to move between $14.42 and $15.58, which gives a possible trading interval of +/-$0.579 (+/-3.86%) up or down from last closing price. If Orthofix International N.V. takes out the full calculated possible swing range there will be an estimated 7.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $15.08 (0.53%) than the support at $14.90 (0.67%), 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 Orthofix International N.V. stock A Buy?
Orthofix International N.V. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.
Current score: 0.404 Hold/Accumulate Downgraded
Predicted Opening Price for Orthofix International N.V. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $14.95 ( 0.330%) | $15.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OFIX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.42 | 2.81 % | |
| R2 | 15.24 | 1.61 % | ||
| R1 | 15.13 | 0.87 % | ||
| Current price: | 15.00 | |||
| Support | S1 | 14.77 | -1.53 % | |
| S2 | 14.66 | -2.27 % | ||
| S3 | 14.48 | -3.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.37 | 2.47 % | |
| R2 | 15.13 | 0.87 % | ||
| R1 | 15.08 | 0.533 % | ||
| Current price | 15.00 | |||
| Support | S1 | 14.90 | -0.667% | |
| S2 | 13.10 | -12.67% | ||
| S3 | 13.00 | -13.33% |
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