Golden Ocean 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
Golden Ocean stock downgraded to Hold/Accumulate
(Updated on May 02, 2024)
The Golden Ocean stock price gained 3.75% on the last trading day (Thursday, 2nd May 2024), rising from $14.13 to $14.66. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.29% from a day low at $14.40 to a day high of $14.73. The price has risen in 8 of the last 10 days and is up by 12.42% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 68 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $21.48 million.
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 20.69% during the next 3 months and, with a 90% probability hold a price between $16.51 and $18.82 at the end of this 3-month period.
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GOGL Signals & Forecast
The Golden Ocean 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 $14.03 and $13.13. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 16.91%. 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 Golden Ocean stock
On the downside, the stock finds support just below today's level from accumulated volume at $13.25 and $12.80. 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, Golden Ocean finds support just below today's level at $13.25. If this is broken, then the next support from accumulated volume will be at $12.80 and $12.72.
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 $0.330 between high and low, or 2.29%. For the last week, the stock has had daily average volatility of 1.74%.
The Golden Ocean stock is extremely overbought on RSI14 (87). This increases the short-term risk substantially.
Our recommended stop-loss: $14.18 (-3.26%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (GOGL) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Golden Ocean Group Limited to open at $14.60, and during the day (based on 14 day Average True Range), to move between $14.31 and $15.01, which gives a possible trading interval of +/-$0.345 (+/-2.35%) 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 4.71% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $13.25, some $1.41 (9.62%) from the current price of $14.66, our system finds the risk reward attractive.
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 Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Golden Ocean Group Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $14.60 ( 0.432%) | $14.66 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 14.93 | 1.82 % | |
| R2 | 14.80 | 0.96 % | ||
| R1 | 14.72 | 0.428 % | ||
| Current price: | 14.66 | |||
| Support | S1 | 14.47 | -1.29 % | |
| S2 | 14.39 | -1.82 % | ||
| S3 | 14.27 | -2.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 14.66 | |||
| Support | S1 | 13.25 | -9.62% | |
| S2 | 12.80 | -12.69% | ||
| S3 | 12.72 | -13.23% |
GOGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 12, 2024 | Mar 12, 2024 | Mar 25, 2024 | $0.300 | 2.37% |
| 2 | Dec 05, 2023 | Dec 05, 2023 | Dec 13, 2023 | $0.100 | 1.15% |
| 3 | Aug 29, 2023 | Sep 08, 2023 | Sep 19, 2023 | $0.100 | 1.31% |
| 4 | May 16, 2023 | May 25, 2023 | Jun 06, 2023 | $0.100 | 1.30% |
| 5 | Feb 16, 2023 | Feb 27, 2023 | Mar 09, 2023 | $0.200 | 2.08% |
FAQ
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