Ferronordic AB Stock Forecast

High volatility in Ferronordic AB stock price on Friday which ended trading at kr87.50
(Updated on May 31, 2024)

FNM.ST Signals & Forecast

Mostly positive signals in the chart today. The Ferronordic AB 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 kr79.07 and kr70.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 28, 2024, and so far it has risen 14.23%. 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 is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Ferronordic AB stock

On the downside, the stock finds support just below today's level from accumulated volume at kr75.90 and kr68.10. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ferronordic AB finds support just below today's level at kr75.90. If this is broken, then the next support from accumulated volume will be at kr68.10 and kr66.20.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved kr9.00 between high and low, or 11.39%. For the last week, the stock has had daily average volatility of 3.69%.

The Ferronordic AB stock is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: kr84.56 (-3.36%) (This stock has high daily movements and this gives high risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (FNM.ST) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Ferronordic AB to open at kr84.83, and during the day (based on 14 day Average True Range), to move between kr84.86 and kr90.14, which gives a possible trading interval of +/-kr2.64 (+/-3.02%) up or down from last closing price. If Ferronordic AB takes out the full calculated possible swing range there will be an estimated 6.04% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ kr75.90, some kr11.60 (13.26%) from the current price of kr87.50, our system finds the risk reward attractive.

Is Ferronordic AB stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Ferronordic AB stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.900 Strong Buy Candidate Upgraded

Predicted Opening Price for Ferronordic AB of Monday, June 3, 2024

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