Elkem ASA Stock Forecast
Elkem ASA stock price down 0.0924% on Thursday
(Updated on May 16, 2024)
The Elkem ASA stock price fell by -0.0924% on the last day (Thursday, 16th May 2024) from kr21.64 to kr21.62. During the last trading day the stock fluctuated 2.26% from a day low at kr21.22 to a day high of kr21.70. The price has risen in 7 of the last 10 days and is up by 10.76% over the past 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 -193 thousand shares and in total, 753 thousand shares were bought and sold for approximately kr16.28 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.83% during the next 3 months and, with a 90% probability hold a price between kr18.49 and kr21.85 at the end of this 3-month period.
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ELK.OL Signals & Forecast
The Elkem ASA stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at kr20.70 and kr20.78. A breakdown below any of these levels will issue sell signals. 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 Wednesday, May 15, 2024, and so far it has fallen -0.0924%. Further fall is indicated until a new bottom pivot has been found. 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 Elkem ASA stock
Elkem ASA finds support from accumulated volume at kr20.66 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 kr0.480 between high and low, or 2.26%. For the last week, the stock has had daily average volatility of 3.13%.
Our recommended stop-loss: kr20.84 (-3.62%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ELK.OL) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Elkem ASA to open at kr21.51, and during the day (based on 14 day Average True Range), to move between kr20.97 and kr22.27, which gives a possible trading interval of +/-kr0.648 (+/-3.00%) up or down from last closing price. If Elkem ASA takes out the full calculated possible swing range there will be an estimated 6.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr21.78 (0.74%) than the support at kr20.66 (4.44%), 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 Elkem ASA stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.751 Buy Candidate Unchanged
Predicted Opening Price for Elkem ASA of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| kr21.51 ( 0.493%) | kr21.62 |
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 | 21.99 | 1.73 % | |
| R2 | 21.81 | 0.88 % | ||
| R1 | 21.70 | 0.355 % | ||
| Current price: | 21.62 | |||
| Support | S1 | 21.33 | -1.34 % | |
| S2 | 21.22 | -1.87 % | ||
| S3 | 21.03 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.80 | 5.46 % | |
| R2 | 21.90 | 1.30 % | ||
| R1 | 21.78 | 0.740 % | ||
| Current price | 21.62 | |||
| Support | S1 | 20.66 | -4.44% | |
| S2 | 19.64 | -9.16% | ||
| S3 | 19.34 | -10.55% |
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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