NEL ASA Stock Forecast
On Tuesday, NEL ASA stock price gained an impressive 5.21%
(Updated on May 21, 2024)
The NEL ASA stock price gained 5.21% on the last trading day (Tuesday, 21st May 2024), rising from kr5.95 to kr6.26. During the last trading day the stock fluctuated 8.72% from a day low at kr5.80 to a day high of kr6.31. The price has risen in 6 of the last 10 days and is up by 20.87% over the past 2 weeks. Volume fell on the last day by -15 million shares and in total, 9 million shares were bought and sold for approximately kr57.63 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very 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 18.81% during the next 3 months and, with a 90% probability hold a price between kr5.74 and kr7.98 at the end of this 3-month period.
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NEL.OL Signals & Forecast
Mostly positive signals in the chart today. The NEL ASA 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 kr5.88 and kr5.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 37.55%. 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 NEL ASA stock
NEL ASA finds support from accumulated volume at kr5.95 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 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 kr0.506 between high and low, or 8.72%. For the last week, the stock has had daily average volatility of 8.28%.
Our recommended stop-loss: kr6.07 (-2.90%) (This stock has high daily movements and this gives high risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (NEL.OL) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect NEL ASA to open at kr6.12, and during the day (based on 14 day Average True Range), to move between kr5.89 and kr6.62, which gives a possible trading interval of +/-kr0.362 (+/-5.78%) up or down from last closing price. If NEL ASA takes out the full calculated possible swing range there will be an estimated 11.56% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ kr5.95, some kr0.310 (4.96%) from the current price of kr6.26, our system finds the risk reward attractive.
Is NEL ASA stock A Buy?
NEL ASA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.440 Strong Buy Candidate Upgraded
Predicted Opening Price for NEL ASA of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| kr6.12 ( 2.16%) | kr6.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEL.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.63 | 5.92 % | |
| R2 | 6.43 | 2.84 % | ||
| R1 | 6.31 | 0.93 % | ||
| Current price: | 6.26 | |||
| Support | S1 | 5.93 | -5.25 % | |
| S2 | 5.81 | -7.16 % | ||
| S3 | 5.61 | -10.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.26 | |||
| Support | S1 | 5.95 | -4.96% | |
| S2 | 5.23 | -16.43% | ||
| S3 | 4.92 | -21.29% |
NEL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 01, 2004 | Jun 02, 2004 | Jul 01, 2004 | kr1.64 | 0% |
| 2 | May 05, 2004 | May 06, 2004 | May 01, 2004 | kr14.14 | 0% |
| 3 | Feb 12, 2004 | Feb 13, 2004 | Feb 27, 2004 | kr55.39 | 0% |
| 4 | Nov 17, 2003 | Nov 18, 2003 | Dec 02, 2003 | kr64.14 | 0% |
| 5 | May 16, 2003 | Jun 10, 2003 | Jun 24, 2003 | kr8.22 | 0% |
FAQ
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