Golden Ocean Group Ltd Stock Forecast
Red day on Tuesday for Golden Ocean Group Ltd
(Updated on Jun 25, 2024)
The Golden Ocean Group Ltd stock price fell by -0.88% on the last day (Tuesday, 25th Jun 2024) from kr142.35 to kr141.10. During the last trading day the stock fluctuated 1.87% from a day low at kr139.40 to a day high of kr142.00. The price has been going up and down for this period, and there has been a -1.67% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -210 thousand shares and in total, 244 thousand shares were bought and sold for approximately kr34.50 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at kr136.94 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Golden Ocean Group Ltd stock with a 90% probability to be traded between kr139.45 and kr171.34 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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GOGL.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 3.41%. 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 Group Ltd 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 kr150.26. On a fall, the stock will find some support from the short-term average at kr140.26. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Golden Ocean Group Ltd stock
Golden Ocean Group Ltd finds support from accumulated volume at kr140.15 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 kr2.60 between high and low, or 1.87%. For the last week, the stock has had daily average volatility of 2.12%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GOGL.OL) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Golden Ocean Group Ltd to open at kr140.83, and during the day (based on 14 day Average True Range), to move between kr136.89 and kr145.31, which gives a possible trading interval of +/-kr4.21 (+/-2.98%) up or down from last closing price. If Golden Ocean Group Ltd takes out the full calculated possible swing range there will be an estimated 5.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr140.15 (0.67%) than the resistance at kr150.50 (6.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Golden Ocean Group Ltd stock A Buy?
Golden Ocean Group Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.036 Sell Candidate Unchanged
Predicted Opening Price for Golden Ocean Group Ltd of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| kr140.83 ( 0.189%) | kr141.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOGL.OL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 143.43 | 1.65% |
| R2 | 142.44 | 0.95% |
| R1 | 141.83 | 0.515% |
| Price | 141.10 | |
| S1 | 139.84 | -0.89% |
| S2 | 139.23 | -1.33% |
| S3 | 138.23 | -2.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 158.00 | 11.98% |
| R2 | 151.70 | 7.51% |
| R1 | 150.50 | 6.66% |
| Price | 141.10 | |
| S1 | 140.15 | -0.673% |
| S2 | 136.45 | -3.30% |
| S3 | 134.75 | -4.50% |
GOGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 07, 2024 | Jun 07, 2024 | Jun 17, 2024 | kr3.22 | 2.35% |
| 2 | Jun 06, 2024 | Jun 06, 2024 | Jun 17, 2024 | kr3.15 | 2.30% |
| 3 | Mar 12, 2024 | Mar 12, 2024 | Mar 25, 2024 | kr3.16 | 2.32% |
| 4 | Dec 05, 2023 | Dec 05, 2023 | Dec 13, 2023 | kr1.09 | 1.16% |
| 5 | Sep 08, 2023 | Sep 08, 2023 | Sep 08, 2023 | kr0.100 | 0.128% |
FAQ
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