Norsk Hydro ASA Stock Forecast

Norsk Hydro ASA stock price down 1.60% on Thursday
(Updated on May 02, 2024)

NHY.OL Signals & Forecast

The Norsk Hydro ASA stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately kr68.55. On a fall, the stock will find some support from the long-term average at approximately kr64.98. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, April 15, 2024, and so far it has fallen -6.07%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Norsk Hydro ASA stock

On the downside, the stock finds support just below today's level from accumulated volume at kr62.74 and kr58.00. 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, Norsk Hydro ASA finds support just below today's level at kr62.74. If this is broken, then the next support from accumulated volume will be at kr58.00 and kr54.54.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved kr2.22 (3.29%) between high and low. For the last week, the stock has had daily average volatility of 2.51%.

Our recommended stop-loss: kr64.42 (-4.99%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 12 days ago.)

Trading Expectations (NHY.OL) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Norsk Hydro ASA to open at kr68.33, and during the day (based on 14 day Average True Range), to move between kr65.79 and kr69.81, which gives a possible trading interval of +/-kr2.01 (+/-2.97%) up or down from last closing price. If Norsk Hydro ASA takes out the full calculated possible swing range there will be an estimated 5.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr67.90 (0.15%) than the support at kr62.74 (7.46%), 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 Norsk Hydro ASA stock A Buy?

Norsk Hydro 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.

Current score: 0.772 Hold/Accumulate Unchanged

Predicted Opening Price for Norsk Hydro ASA of Friday, May 3, 2024

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