Interoil Exploration and Production ASA Stock Forecast

Interoil Exploration and Production ASA stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 16, 2024)

IOX.OL Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, May 07, 2024, and so far it has risen 4.71%. 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 Interoil Exploration and Production ASA 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 kr2.43. On a fall, the stock will find some support from the short-term average at kr1.99. 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. Interoil Exploration and Production ASA gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Interoil Exploration and Production ASA stock

Interoil Exploration and Production ASA finds support from accumulated volume at kr1.99 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved kr0.0500 between high and low, or 2.56%. For the last week, the stock has had daily average volatility of 4.07%.

Our recommended stop-loss: kr1.92 (-4.00%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (IOX.OL) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Interoil Exploration and Production ASA to open at kr1.98, and during the day (based on 14 day Average True Range), to move between kr1.84 and kr2.16, which gives a possible trading interval of +/-kr0.164 (+/-8.19%) up or down from last closing price. If Interoil Exploration and Production ASA takes out the full calculated possible swing range there will be an estimated 16.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at kr1.99 (0.50%) than the resistance at kr2.04 (2.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Interoil Exploration and Production ASA stock A Buy?

Interoil Exploration and Production ASA 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

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 Interoil Exploration and Production ASA of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.