Flex LNG Ltd. Stock Forecast
Flex LNG Ltd. stock downgraded to Hold/Accumulate
(Updated on May 03, 2024)
The Flex LNG Ltd. stock price gained 0.339% on the last trading day (Friday, 3rd May 2024), rising from $26.51 to $26.60. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.29% from a day low at $26.31 to a day high of $26.65. The price has risen in 8 of the last 10 days and is up by 3.14% over the past 2 weeks. Volume fell on the last day by -16 thousand shares and in total, 182 thousand shares were bought and sold for approximately $4.84 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Flex LNG Ltd. stock with a 90% probability to be traded between $23.58 and $27.50 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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FLNG Signals & Forecast
The Flex LNG Ltd. stock 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 $26.26 and $25.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 27, 2024, and so far it has risen 9.15%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Flex LNG Ltd. stock
Flex LNG Ltd. finds support from accumulated volume at $25.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.340 between high and low, or 1.29%. For the last week the stock has had daily average volatility of 1.52%.
Our recommended stop-loss: $25.82 (-2.94%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (FLNG) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Flex LNG Ltd. to open at $26.52, and during the day (based on 14 day Average True Range), to move between $26.19 and $27.01, which gives a possible trading interval of +/-$0.414 (+/-1.56%) up or down from last closing price. If Flex LNG Ltd. takes out the full calculated possible swing range there will be an estimated 3.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $26.83 (0.86%) than the support at $25.90 (2.63%), 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 Flex LNG Ltd. stock A Buy?
Flex LNG Ltd. 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: 0.586 Hold/Accumulate Downgraded
Predicted Opening Price for Flex LNG Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $26.52 ( 0.301%) | $26.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FLNG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.86 | 0.98 % | |
| R2 | 26.73 | 0.489 % | ||
| R1 | 26.65 | 0.188 % | ||
| Current price: | 26.60 | |||
| Support | S1 | 26.39 | -0.789 % | |
| S2 | 26.31 | -1.09 % | ||
| S3 | 26.18 | -1.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.48 | 7.07 % | |
| R2 | 27.01 | 1.54 % | ||
| R1 | 26.83 | 0.86 % | ||
| Current price | 26.60 | |||
| Support | S1 | 25.90 | -2.63% | |
| S2 | 25.31 | -4.85% | ||
| S3 | 25.20 | -5.26% |
FLNG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 06, 2024 | Feb 22, 2024 | Mar 08, 2024 | $0.750 | 2.94% |
| 2 | Nov 07, 2023 | Nov 27, 2023 | Dec 08, 2023 | $0.125 | 0.435% |
| 3 | Aug 16, 2023 | Aug 30, 2023 | Sep 05, 2023 | $0.750 | 2.48% |
| 4 | May 16, 2023 | May 30, 2023 | Jun 13, 2023 | $0.750 | 2.47% |
| 5 | Feb 13, 2023 | Feb 22, 2023 | Mar 07, 2023 | $1.00 | 2.89% |
FAQ
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