FREYR Battery Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
FREYR Battery stock price fell more than -6.15% Tuesday closing at $1.68
(Updated on May 07, 2024)
The FREYR Battery stock price fell by -6.15% on the last day (Tuesday, 7th May 2024) from $1.79 to $1.68. During the last trading day the stock fluctuated 7.14% from a day low at $1.68 to a day high of $1.80. The price has risen in 6 of the last 10 days and is up by 5% over the past 2 weeks. Volume has increased on the last day by 7 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 894 thousand shares were bought and sold for approximately $1.50 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.33% during the next 3 months and, with a 90% probability hold a price between $1.48 and $2.17 at the end of this 3-month period.
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FREY Signals & Forecast
There are few to no technical positive signals at the moment. The FREYR Battery stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.73 and $1.73. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -6.67%. 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). 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 FREYR Battery stock
FREYR Battery finds support from accumulated volume at $1.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.120 between high and low, or 7.14%. For the last week, the stock has had daily average volatility of 6.74%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FREY) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect FREYR Battery to open at $1.72, and during the day (based on 14 day Average True Range), to move between $1.55 and $1.81, which gives a possible trading interval of +/-$0.130 (+/-7.72%) up or down from last closing price. If FREYR Battery takes out the full calculated possible swing range there will be an estimated 15.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.67 (0.60%) than the resistance at $1.78 (5.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
FREYR Battery will release earnings BMO on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.260. We will update the financials statements for FREYR Battery, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 16.54% in the first trading day after earnings release.
Is FREYR Battery stock A Buy?
The FREYR Battery stock holds several negative signals and despite the positive trend, we believe FREYR Battery will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Strong Sell candidate.
Current score: -6.449 Strong Sell Candidate Downgraded
Predicted Opening Price for FREYR Battery of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $1.72 ( 2.38%) | $1.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FREY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.84 | 9.52 % | |
| R2 | 1.79 | 6.80 % | ||
| R1 | 1.77 | 5.11 % | ||
| Current price: | 1.68 | |||
| Support | S1 | 1.67 | -0.348 % | |
| S2 | 1.65 | -2.03 % | ||
| S3 | 1.60 | -4.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.91 | 13.69 % | |
| R2 | 1.80 | 7.14 % | ||
| R1 | 1.78 | 5.95 % | ||
| Current price | 1.68 | |||
| Support | S1 | 1.67 | -0.595% | |
| S2 | 1.66 | -1.19% | ||
| S3 | 1.65 | -1.79% |
FAQ
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