Elkem ASA Stock Forecast
Elkem ASA stock price ended at kr19.69 on Monday, after gaining 1.65%.
(Updated on May 06, 2024)
The Elkem ASA stock price gained 1.65% on the last trading day (Monday, 6th May 2024), rising from kr19.37 to kr19.69. During the last trading day the stock fluctuated 2.55% from a day low at kr19.24 to a day high of kr19.73. The price has risen in 5 of the last 10 days and is up by 1.81% 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, 246 thousand more shares were traded than the day before. In total, 992 thousand shares were bought and sold for approximately kr19.54 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at kr19.13 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Elkem ASA stock with a 90% probability to be traded between kr19.05 and kr22.68 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ELK.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 2.93%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Elkem ASA stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at kr21.07. On a fall, the stock will find some support from the short-term average at kr19.60. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Thursday, May 02, 2024 and based on theory for this formation the price should go up by 27.12% to kr25.03 within 48 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for Elkem ASA stock
Elkem ASA finds support from accumulated volume at kr19.64 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 kr0.490 between high and low, or 2.55%. For the last week, the stock has had daily average volatility of 2.98%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELK.OL) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Elkem ASA to open at kr19.55, and during the day (based on 14 day Average True Range), to move between kr19.02 and kr20.36, which gives a possible trading interval of +/-kr0.670 (+/-3.40%) up or down from last closing price. If Elkem ASA takes out the full calculated possible swing range there will be an estimated 6.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr19.64 (0.25%) than the resistance at kr20.24 (2.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elkem ASA stock A Buy?
Elkem ASA holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.632 Sell Candidate Unchanged
Predicted Opening Price for Elkem ASA of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| kr19.55 ( 0.694%) | kr19.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELK.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.04 | 1.79 % | |
| R2 | 19.86 | 0.84 % | ||
| R1 | 19.74 | 0.257 % | ||
| Current price: | 19.69 | |||
| Support | S1 | 19.37 | -1.64 % | |
| S2 | 19.25 | -2.23 % | ||
| S3 | 19.06 | -3.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.84 | 5.84 % | |
| R2 | 20.80 | 5.64 % | ||
| R1 | 20.24 | 2.79 % | ||
| Current price | 19.69 | |||
| Support | S1 | 19.64 | -0.254% | |
| S2 | 19.34 | -1.78% | ||
| S3 | 19.31 | -1.93% |
ELK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 02, 2023 | May 02, 2023 | May 02, 2023 | kr6.00 | 19.97% |
| 2 | Apr 28, 2022 | Apr 28, 2022 | Apr 28, 2022 | kr3.00 | 7.68% |
| 3 | Apr 28, 2021 | Apr 28, 2021 | Apr 28, 2021 | kr0.150 | 0.483% |
| 4 | Feb 13, 2020 | May 11, 2020 | May 19, 2020 | kr0.600 | 3.55% |
| 5 | Feb 12, 2019 | May 02, 2019 | May 13, 2019 | kr2.60 | 9.45% |
FAQ
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