Medicover AB (publ) Stock Forecast

Medicover AB (publ) stock price up 4.49% on Friday
(Updated on May 03, 2024)

MCOV-B.ST Signals & Forecast

Mostly positive signals in the chart today. The Medicover AB (publ) 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 kr160.91 and kr141.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 38.90%. 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 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.

Support, Risk & Stop-loss for Medicover AB (publ) stock

On the downside, the stock finds support just below today's level from accumulated volume at kr161.00 and kr146.90. 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, Medicover AB (publ) finds support just below today's level at kr161.00. If this is broken, then the next support from accumulated volume will be at kr146.90 and kr137.10.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved kr10.00 between high and low, or 5.73%. For the last week, the stock has had daily average volatility of 8.34%.

The Medicover AB (publ) stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: kr176.28 (-2.82%) (This stock has high daily movements and this gives high risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 5 days ago.)

Trading Expectations (MCOV-B.ST) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Medicover AB (publ) to open at kr180.07, and during the day (based on 14 day Average True Range), to move between kr174.54 and kr188.26, which gives a possible trading interval of +/-kr6.86 (+/-3.78%) up or down from last closing price. If Medicover AB (publ) takes out the full calculated possible swing range there will be an estimated 7.57% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ kr161.00, some kr20.40 (11.25%) from the current price of kr181.40, our system finds the risk reward attractive.

Is Medicover AB (publ) stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 4.076 Buy Candidate Unchanged

Predicted Opening Price for Medicover AB (publ) of Monday, May 6, 2024

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