Golden Ocean Stock Forecast
Evaluation of Golden Ocean stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Golden Ocean stock price fell by -1.28% on the last day (Tuesday, 2nd Jul 2024) from $14.10 to $13.92. During the last trading day the stock fluctuated 1.26% from a day low at $13.88 to a day high of $14.06. The price has been going up and down for this period, and there has been a 7.91% gain for the last 2 weeks. Volume has increased on the last day by 237 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, 1 million shares were bought and sold for approximately $17.22 million.
The stock lies in the middle of a 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 3.02% during the next 3 months and, with a 90% probability hold a price between $13.33 and $16.46 at the end of this 3-month period.
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GOGL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 8.50%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Golden Ocean stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $14.03. On a fall, the stock will find some support from the short-term average at $13.75. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 Golden Ocean stock
Golden Ocean finds support from accumulated volume at $13.41 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 $0.175 between high and low, or 1.26%. For the last week, the stock has had daily average volatility of 1.66%.
Our recommended stop-loss: $13.46 (-3.30%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (GOGL) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Golden Ocean Group Limited to open at $13.95, and during the day (based on 14 day Average True Range), to move between $13.57 and $14.27, which gives a possible trading interval of +/-$0.348 (+/-2.50%) up or down from last closing price. If Golden Ocean Group Limited takes out the full calculated possible swing range there will be an estimated 5.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.04 (0.86%) than the support at $13.41 (3.66%), 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 Golden Ocean Group Limited stock A Buy?
Golden Ocean 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: 0.681 Hold/Accumulate Downgraded
Predicted Opening Price for Golden Ocean Group Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $13.95 ( 0.227%) | $13.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOGL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 14.13 | 1.48% |
| R2 | 14.06 | 1.00% |
| R1 | 14.02 | 0.708% |
| Price | 13.92 | |
| S1 | 13.88 | -0.253% |
| S2 | 13.84 | -0.549% |
| S3 | 13.78 | -1.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 14.42 | 3.59% |
| R2 | 14.15 | 1.65% |
| R1 | 14.04 | 0.86% |
| Price | 13.92 | |
| S1 | 13.41 | -3.66% |
| S2 | 12.90 | -7.33% |
| S3 | 12.72 | -8.62% |
GOGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 22, 2024 | Jun 07, 2024 | Jun 17, 2024 | $0.300 | 2.33% |
| 2 | Mar 12, 2024 | Mar 12, 2024 | Mar 25, 2024 | $0.300 | 2.37% |
| 3 | Dec 05, 2023 | Dec 05, 2023 | Dec 13, 2023 | $0.100 | 1.15% |
| 4 | Aug 29, 2023 | Sep 08, 2023 | Sep 19, 2023 | $0.100 | 1.31% |
| 5 | May 16, 2023 | May 25, 2023 | Jun 06, 2023 | $0.100 | 1.30% |
FAQ
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