Crayon Group Holding ASA Stock Forecast
Crayon Group Holding ASA stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on May 16, 2024)
The Crayon Group Holding ASA stock price gained 3.94% on the last trading day (Thursday, 16th May 2024), rising from kr104.10 to kr108.20. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.63% from a day low at kr103.70 to a day high of kr108.50. The price has risen in 8 of the last 10 days and is up by 31.07% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 351 thousand more shares were traded than the day before. In total, 707 thousand shares were bought and sold for approximately kr76.46 million.
Given the current short-term trend, the stock is expected to rise 18.21% during the next 3 months and, with a 90% probability hold a price between kr88.59 and kr127.90 at the end of this 3-month period.
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CRAYN.OL Signals & Forecast
Mostly positive signals in the chart today. The Crayon Group Holding ASA 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 kr103.19 and kr81.81. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 56.36%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Crayon Group Holding ASA stock
Crayon Group Holding ASA finds support from accumulated volume at kr102.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved kr4.80 between high and low, or 4.63%. For the last week, the stock has had daily average volatility of 3.77%.
The Crayon Group Holding ASA 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: kr102.47 (-5.30%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (CRAYN.OL) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Crayon Group Holding ASA to open at kr106.80, and during the day (based on 14 day Average True Range), to move between kr104.44 and kr111.96, which gives a possible trading interval of +/-kr3.76 (+/-3.48%) up or down from last closing price. If Crayon Group Holding ASA takes out the full calculated possible swing range there will be an estimated 6.95% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ kr102.90, some kr5.30 (4.90%) from the current price of kr108.20, our system finds the risk reward attractive.
Is Crayon Group Holding ASA stock A Buy?
Crayon Group Holding ASA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.438 Strong Buy Candidate Upgraded
Predicted Opening Price for Crayon Group Holding ASA of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| kr106.80 ( 1.29%) | kr108.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRAYN.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.60 | 3.14 % | |
| R2 | 109.77 | 1.45 % | ||
| R1 | 108.63 | 0.401 % | ||
| Current price: | 108.20 | |||
| Support | S1 | 104.97 | -2.99 % | |
| S2 | 103.83 | -4.04 % | ||
| S3 | 102.00 | -5.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 108.20 | |||
| Support | S1 | 102.90 | -4.90% | |
| S2 | 100.00 | -7.58% | ||
| S3 | 82.45 | -23.80% |
FAQ
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