Eidesvik Offshore ASA Stock Forecast

Eidesvik Offshore ASA stock price ended at kr16.00 on Thursday, after losing 1.60%.
(Updated on May 16, 2024)

EIOF.OL Signals & Forecast

The Eidesvik Offshore ASA stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately kr16.05. On a fall, the stock will find some support from the long-term average at approximately kr15.40. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 10, 2024, and so far it has fallen -1.72%. Further fall is indicated until a new bottom pivot has been found. Eidesvik Offshore ASA gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Eidesvik Offshore ASA stock

On the downside, the stock finds support just below today's level from accumulated volume at kr15.10 and kr13.30. 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, Eidesvik Offshore ASA finds support just below today's level at kr15.10. If this is broken, then the next support from accumulated volume will be at kr13.30 and kr13.00.

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 kr0.300 between high and low, or 1.88%. For the last week, the stock has had daily average volatility of 2.46%.

Our recommended stop-loss: kr15.50 (-3.13%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (EIOF.OL) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Eidesvik Offshore ASA to open at kr16.07, and during the day (based on 14 day Average True Range), to move between kr15.50 and kr16.50, which gives a possible trading interval of +/-kr0.503 (+/-3.15%) up or down from last closing price. If Eidesvik Offshore ASA takes out the full calculated possible swing range there will be an estimated 6.29% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr16.14 (0.88%) than the support at kr15.10 (5.63%), 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 Eidesvik Offshore ASA 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 Eidesvik Offshore ASA stock to perform well in the short-term.

Current score: 1.665 Buy Candidate Unchanged

Predicted Opening Price for Eidesvik Offshore ASA of Tuesday, May 21, 2024

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