Evonik Industries AG Stock Forecast

Weaker technical forecast for Evonik Industries AG as stock downgraded to Hold/Accumulate.
(Updated on May 16, 2024)

EVK.DE Signals & Forecast

The Evonik Industries AG stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately 20.50€. On a fall, the stock will find some support from the long-term average at approximately 19.43€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -2.27%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Evonik Industries AG stock

Evonik Industries AG finds support from accumulated volume at 19.37€ 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 0.525€ between high and low, or 2.66%. For the last week, the stock has had daily average volatility of 1.76%.

Our recommended stop-loss: 19.56€ (-3.36%) (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 (EVK.DE) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Evonik Industries AG to open at 20.08€, and during the day (based on 14 day Average True Range), to move between 19.85€ and 20.63€, which gives a possible trading interval of +/-0.386€ (+/-1.91%) up or down from last closing price. If Evonik Industries AG takes out the full calculated possible swing range there will be an estimated 3.81% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 20.31€ (0.35%) than the support at 19.37€ (4.32%), 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 Evonik Industries AG stock A Buy?

Evonik Industries AG 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.451 Hold/Accumulate Downgraded

Predicted Opening Price for Evonik Industries AG of Friday, May 17, 2024

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