Atlantic Sapphire ASA Stock Forecast
Atlantic Sapphire ASA stock upgraded to Hold/Accumulate.
(Updated on Apr 18, 2024)
The Atlantic Sapphire ASA stock price gained 2.69% on the last trading day (Thursday, 18th Apr 2024), rising from kr0.93 to kr0.95. During the last trading day the stock fluctuated 5.66% from a day low at kr0.92 to a day high of kr0.97. The price has been going up and down for this period, and there has been a 7.19% gain for the last 2 weeks. Volume fell on the last day by -400 thousand shares and in total, 2 million shares were bought and sold for approximately kr1.54 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 lies the upper part of a very wide and falling 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 kr0.99 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -52.87% during the next 3 months and, with a 90% probability hold a price between kr0.241 and kr0.465 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ASA.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 25, 2024, and so far it has risen 21.68%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Atlantic Sapphire ASA 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 kr0.97. On a fall, the stock will find some support from the short-term average at kr0.93. 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.
Support, Risk & Stop-loss for Atlantic Sapphire ASA stock
Atlantic Sapphire ASA finds support from accumulated volume at kr0.95 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 kr0.0520 between high and low, or 5.66%. For the last week, the stock has had daily average volatility of 7.30%.
Our recommended stop-loss: kr0.92 (-3.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (ASA.OL) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Atlantic Sapphire ASA to open at kr0.95, and during the day (based on 14 day Average True Range), to move between kr0.88 and kr1.03, which gives a possible trading interval of +/-kr0.0762 (+/-7.99%) up or down from last closing price. If Atlantic Sapphire ASA takes out the full calculated possible swing range there will be an estimated 15.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr0.96 (0.21%) than the support at kr0.95 (0.42%), 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 Atlantic Sapphire ASA stock A Buy?
Atlantic Sapphire ASA 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.040 Hold/Accumulate Upgraded
Predicted Opening Price for Atlantic Sapphire ASA of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| kr0.95 ( 0.699%) | kr0.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ASA.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.00 | 4.75 % | |
| R2 | 0.98 | 2.67 % | ||
| R1 | 0.97 | 1.38 % | ||
| Current price: | 0.95 | |||
| Support | S1 | 0.93 | -2.78 % | |
| S2 | 0.92 | -4.07 % | ||
| S3 | 0.90 | -6.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.15 | 20.75 % | |
| R2 | 1.09 | 14.47 % | ||
| R1 | 0.96 | 0.210 % | ||
| Current price | 0.95 | |||
| Support | S1 | 0.95 | -0.419% | |
| S2 | 0.91 | -4.40% | ||
| S3 | 0.90 | -5.66% |
FAQ
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