Norsk Hydro ASA Stock Forecast
Norsk Hydro ASA stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Mar 28, 2024)
No changes to the price of Norsk Hydro ASA stock on the last trading day (Thursday, 28th Mar 2024). During the last trading day the stock fluctuated 3.71% from a day low at $5.39 to a day high of $5.59. The price has fallen in 5 of the last 10 days but is still up by 1.47% over the past 2 weeks.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $5.68 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -15.02% during the next 3 months and, with a 90% probability hold a price between $4.08 and $4.82 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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NHYDY 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 $5.60. On a fall, the stock will find some support from the long-term average at approximately $5.44. 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. A buy signal was issued from a pivot bottom point on Tuesday, March 05, 2024, and so far it has risen 8.66%. 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 gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point".
Support, Risk & Stop-loss for Norsk Hydro ASA stock
Norsk Hydro ASA finds support from accumulated volume at $5.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.200 between high and low, or 3.71%. For the last week, the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: $5.23 (-5.30%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (NHYDY) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Norsk Hydro ASA to open at $5.50, and during the day (based on 14 day Average True Range), to move between $5.39 and $5.65, which gives a possible trading interval of +/-$0.129 (+/-2.33%) up or down from last closing price. If Norsk Hydro ASA takes out the full calculated possible swing range there will be an estimated 4.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.47 (0.91%) than the resistance at $5.61 (1.63%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.170 Hold/Accumulate Upgraded
Predicted Opening Price for Norsk Hydro ASA of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$5.50 ( 0.362%) | $5.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NHYDY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.70 | 3.26 % | |
R2 | 5.62 | 1.88 % | ||
R1 | 5.58 | 1.02 % | ||
Current price: | 5.52 | |||
Support | S1 | 5.42 | -1.75 % | |
S2 | 5.38 | -2.60 % | ||
S3 | 5.30 | -3.99 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.95 | 7.79 % | |
R2 | 5.62 | 1.81 % | ||
R1 | 5.61 | 1.63 % | ||
Current price | 5.52 | |||
Support | S1 | 5.47 | -0.91% | |
S2 | 5.45 | -1.27% | ||
S3 | 5.39 | -2.36% |
NHYDY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 09, 2024 | May 09, 2024 | May 29, 2024 | $0.235 | 4.28% |
2 | May 06, 2023 | May 11, 2023 | May 31, 2023 | $0.541 | 8.93% |
3 | Sep 16, 2022 | Sep 21, 2022 | May 31, 2023 | $0.149 | 2.46% |
4 | May 06, 2022 | May 11, 2022 | May 27, 2022 | $0.588 | 7.39% |
5 | Nov 16, 2020 | May 07, 2021 | Dec 04, 2020 | $0.147 | 3.36% |
FAQ
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