Eidesvik Offshore ASA Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Friday for Eidesvik Offshore ASA
(Updated on May 31, 2024)
The Eidesvik Offshore ASA stock price gained 2.80% on the last trading day (Friday, 31st May 2024), rising from kr17.12 to kr17.60. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 9.27% from a day low at kr16.82 to a day high of kr18.38. The price has risen in 7 of the last 10 days and is up by 8.24% 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, 119 thousand more shares were traded than the day before. In total, 211 thousand shares were bought and sold for approximately kr3.72 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 28.27% during the next 3 months and, with a 90% probability hold a price between kr20.99 and kr23.53 at the end of this 3-month period.
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EIOF.OL Signals & Forecast
The Eidesvik Offshore 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 kr16.89 and kr15.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 19.73%. 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 Eidesvik Offshore ASA stock
On the downside, the stock finds support just below today's level from accumulated volume at kr15.90 and kr15.10. 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 kr15.90. If this is broken, then the next support from accumulated volume will be at kr15.10 and kr14.70.
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 kr1.56 between high and low, or 9.27%. For the last week, the stock has had daily average volatility of 3.44%.
Since the Eidesvik Offshore ASA has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: kr17.01 (-3.38%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 30 days ago.)
Trading Expectations (EIOF.OL) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Eidesvik Offshore ASA to open at kr17.60, and during the day (based on 14 day Average True Range), to move between kr17.03 and kr18.17, which gives a possible trading interval of +/-kr0.570 (+/-3.24%) up or down from last closing price. If Eidesvik Offshore ASA takes out the full calculated possible swing range there will be an estimated 6.48% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ kr15.90, some kr1.70 (9.66%) from the current price of kr17.60, our system finds the risk reward attractive.
Is Eidesvik Offshore ASA stock A Buy?
Eidesvik Offshore 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Eidesvik Offshore ASA of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| kr17.60 ( 0%) | kr17.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EIOF.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.16 | 8.86 % | |
| R2 | 18.56 | 5.48 % | ||
| R1 | 18.20 | 3.39 % | ||
| Current price: | 17.60 | |||
| Support | S1 | 17.00 | -3.39 % | |
| S2 | 16.64 | -5.48 % | ||
| S3 | 16.04 | -8.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 17.60 | |||
| Support | S1 | 15.90 | -9.66% | |
| S2 | 15.10 | -14.20% | ||
| S3 | 14.70 | -16.48% |
EIOF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 31, 2024 | May 31, 2024 | Jun 10, 2024 | kr0.250 | 1.42% |
| 2 | Feb 27, 2014 | May 16, 2014 | May 30, 2014 | kr0.791 | 3.29% |
| 3 | Feb 26, 2013 | Jun 11, 2013 | Jun 24, 2013 | kr0.791 | 3.06% |
| 4 | Feb 28, 2012 | May 15, 2012 | May 29, 2012 | kr0.791 | 2.88% |
| 5 | Feb 28, 2011 | May 24, 2011 | Jun 06, 2011 | kr0.791 | 2.87% |
FAQ
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