iShares MSCI Norway ETF Forecast

Green day on Friday for iShares MSCI Norway
(Updated on May 03, 2024)

ENOR Signals & Forecast

The iShares MSCI Norway ETF 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 $23.67 and $23.64. A breakdown below any of these levels will issue sell signals. iShares MSCI Norway has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Thursday, April 11, 2024, and so far it has fallen -0.536%. 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). The ETF had a Golden Star Signal on Monday, March 04, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for iShares MSCI Norway ETF

iShares MSCI Norway finds support from accumulated volume at $23.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.0650 between high and low, or 0.269%. For the last week the ETF has had daily average volatility of 0.93%.

Our recommended stop-loss: $23.21 (-3.86%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (ENOR) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect iShares MSCI Norway ETF to open at $24.16, and during the day (based on 14 day Average True Range), to move between $23.86 and $24.42, which gives a possible trading interval of +/-$0.283 (+/-1.17%) up or down from last closing price. If iShares MSCI Norway ETF takes out the full calculated possible swing range there will be an estimated 2.35% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $24.16 (0.07%) than the support at $23.24 (3.75%), 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 iShares MSCI Norway ETF ETF A Buy?

iShares MSCI Norway 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: -0.211 Hold/Accumulate Unchanged

Predicted Opening Price for iShares MSCI Norway ETF of Monday, May 6, 2024

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