Elliptic Laboratories AS Stock Forecast
A very red day for Elliptic Laboratories AS stock price after a -7.23% fall in the Friday trading session
(Updated on May 24, 2024)
The Elliptic Laboratories AS stock price fell by -7.23% on the last day (Friday, 24th May 2024) from kr15.22 to kr14.12. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 9.53% from a day low at kr14.06 to a day high of kr15.40. The price has been going up and down for this period, and there has been a -9.49% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -153 thousand shares and in total, 274 thousand shares were bought and sold for approximately kr3.87 million.
Given the current short-term trend, the stock is expected to rise 10.99% during the next 3 months and, with a 90% probability hold a price between kr15.67 and kr19.36 at the end of this 3-month period.
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ELABS.OL Signals & Forecast
There are few to no technical positive signals at the moment. The Elliptic Laboratories AS stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at kr15.72 and kr15.20. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -16.45%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Elliptic Laboratories AS stock
Elliptic Laboratories AS finds support from accumulated volume at kr13.94 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 kr1.34 between high and low, or 9.53%. For the last week, the stock has had daily average volatility of 6.29%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELABS.OL) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Elliptic Laboratories AS to open at kr14.53, and during the day (based on 14 day Average True Range), to move between kr13.37 and kr14.87, which gives a possible trading interval of +/-kr0.754 (+/-5.34%) up or down from last closing price. If Elliptic Laboratories AS takes out the full calculated possible swing range there will be an estimated 10.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr13.94 (1.27%) than the resistance at kr14.64 (3.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elliptic Laboratories AS stock A Buy?
The Elliptic Laboratories AS stock holds several negative signals and despite the positive trend, we believe Elliptic Laboratories AS will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.750 Sell Candidate Unchanged
Predicted Opening Price for Elliptic Laboratories AS of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| kr14.53 ( 2.88%) | kr14.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELABS.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.87 | 12.37 % | |
| R2 | 15.35 | 8.74 % | ||
| R1 | 15.04 | 6.51 % | ||
| Current price: | 14.12 | |||
| Support | S1 | 14.01 | -0.745 % | |
| S2 | 13.70 | -2.98 % | ||
| S3 | 13.19 | -6.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.50 | 9.77 % | |
| R2 | 15.22 | 7.79 % | ||
| R1 | 14.64 | 3.68 % | ||
| Current price | 14.12 | |||
| Support | S1 | 13.94 | -1.27% | |
| S2 | 13.00 | -7.93% | ||
| S3 | 12.68 | -10.20% |
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