Balco Group AB Stock Forecast

Balco Group AB stock price down 0% on Thursday
(Updated on May 23, 2024)

BALCO.ST Signals & Forecast

The Balco Group AB 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 kr45.34 and kr42.27. 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 Friday, May 17, 2024, and so far it has fallen -1.29%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Support, Risk & Stop-loss for Balco Group AB stock

On the downside, the stock finds support just below today's level from accumulated volume at kr41.45 and kr41.30. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Balco Group AB finds support just below today's level at kr41.45. If this is broken, then the next support from accumulated volume will be at kr41.30 and kr40.50.

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 kr0.85 between high and low, or 1.88%. For the last week the stock has had daily average volatility of 4.64%.

The Balco Group AB stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: kr44.14 (-4.05%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 42 days ago.)

Trading Expectations (BALCO.ST) For The Upcoming Trading Day Of Friday 24th

For the upcoming trading day on Friday, 24th we expect Balco Group AB to open at kr45.72, and during the day (based on 14 day Average True Range), to move between kr44.50 and kr47.50, which gives a possible trading interval of +/-kr1.50 (+/-3.26%) up or down from last closing price. If Balco Group AB takes out the full calculated possible swing range there will be an estimated 6.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr46.60 (1.30%) than the support at kr41.45 (9.89%), 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 Balco Group AB stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Balco Group AB stock to perform well in the short-term.

Current score: 2.031 Buy Candidate Unchanged

Predicted Opening Price for Balco Group AB of Friday, May 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.