Norcod AS Stock Forecast
Norcod AS stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on May 16, 2024)
The Norcod AS stock price fell by -2.31% on the last day (Thursday, 16th May 2024) from kr13.00 to kr12.70. During the last trading day the stock fluctuated 8.50% from a day low at kr12.35 to a day high of kr13.40. The price has risen in 5 of the last 10 days and is up by 4.1% over the past 2 weeks. Volume has increased on the last day by 6 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, 15 thousand shares were bought and sold for approximately kr189.81 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.46% during the next 3 months and, with a 90% probability hold a price between kr9.89 and kr12.40 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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NCOD.OL Signals & Forecast
The Norcod AS stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at kr12.47 and kr12.53. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -7.30%. Further fall is indicated until a new bottom pivot has been found. Norcod AS 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".
Support, Risk & Stop-loss for Norcod AS stock
Norcod AS finds support from accumulated volume at kr12.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved kr1.05 between high and low, or 8.50%. For the last week the stock has had daily average volatility of 3.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NCOD.OL) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Norcod AS to open at kr12.82, and during the day (based on 14 day Average True Range), to move between kr12.14 and kr13.26, which gives a possible trading interval of +/-kr0.559 (+/-4.40%) up or down from last closing price. If Norcod AS takes out the full calculated possible swing range there will be an estimated 8.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr12.95 (1.97%) than the support at kr12.10 (4.72%), 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 Norcod AS stock A Buy?
Norcod AS 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. 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 Sell candidate.
Current score: -1.322 Sell Candidate Downgraded
Predicted Opening Price for Norcod AS of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| kr12.82 ( 0.92%) | kr12.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NCOD.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.87 | 9.19 % | |
| R2 | 13.47 | 6.03 % | ||
| R1 | 13.22 | 4.08 % | ||
| Current price: | 12.70 | |||
| Support | S1 | 12.42 | -2.24 % | |
| S2 | 12.17 | -4.19 % | ||
| S3 | 11.77 | -7.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.00 | 10.24 % | |
| R2 | 13.20 | 3.94 % | ||
| R1 | 12.95 | 1.97 % | ||
| Current price | 12.70 | |||
| Support | S1 | 12.10 | -4.72% | |
| S2 | 12.05 | -5.12% | ||
| S3 | 11.85 | -6.69% |
FAQ
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