Frontline Ltd Stock Forecast
Stronger technical forecast for Frontline Ltd stock price after Wednesday trading.
(Updated on Mar 27, 2024)
The Frontline Ltd stock price gained 2.11% on the last trading day (Wednesday, 27th Mar 2024), rising from $22.80 to $23.28. During the last trading day the stock fluctuated 2.37% from a day low at $22.75 to a day high of $23.29. The price has fallen in 6 of the last 10 days and is down by -0.26% for this period. Volume fell on the last day by -374 thousand shares and in total, 1 million shares were bought and sold for approximately $32.51 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 lies in the middle of a wide and strong 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 10.35% during the next 3 months and, with a 90% probability hold a price between $24.65 and $27.80 at the end of this 3-month period.
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FRO Signals & Forecast
The Frontline 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 $23.07 and $23.06. A breakdown below any of these levels will issue sell signals. 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. 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 Friday, February 16, 2024, and so far it has fallen -3.60%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Frontline Ltd stock
Frontline Ltd finds support from accumulated volume at $22.27 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 $0.540 between high and low, or 2.37%. For the last week the stock has had daily average volatility of 1.94%.
Our recommended stop-loss: $22.34 (-4.04%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 27 days ago.)
Trading Expectations (FRO) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Frontline Ltd to open at $23.11, and during the day (based on 14 day Average True Range), to move between $22.61 and $23.95, which gives a possible trading interval of +/-$0.673 (+/-2.89%) up or down from last closing price. If Frontline Ltd takes out the full calculated possible swing range there will be an estimated 5.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $23.44 (0.69%) than the support at $22.27 (4.34%), 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 Frontline Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Frontline Ltd stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 3.147 Buy Candidate Upgraded
Predicted Opening Price for Frontline Ltd of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$23.11 ( 0.745%) | $23.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FRO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 23.65 | 1.58 % | |
R2 | 23.44 | 0.689 % | ||
R1 | 23.31 | 0.142 % | ||
Current price: | 23.28 | |||
Support | S1 | 22.90 | -1.63 % | |
S2 | 22.77 | -2.18 % | ||
S3 | 22.57 | -3.06 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 23.97 | 2.96 % | |
R2 | 23.65 | 1.59 % | ||
R1 | 23.44 | 0.687 % | ||
Current price | 23.28 | |||
Support | S1 | 22.27 | -4.34% | |
S2 | 22.24 | -4.47% | ||
S3 | 22.04 | -5.33% |
FRO Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 28, 2024 | Mar 14, 2024 | Mar 27, 2024 | $0.370 | 1.59% |
2 | Nov 29, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.300 | 1.50% |
3 | Aug 23, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.80 | 4.26% |
4 | May 31, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.700 | 4.82% |
5 | Feb 28, 2023 | Mar 15, 2023 | Jun 30, 2023 | $1.07 | 7.36% |
FAQ
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