Norsk Hydro ASA Stock Forecast
Norsk Hydro ASA stock upgraded to Buy Candidate.
(Updated on Apr 26, 2024)
The Norsk Hydro ASA stock price gained 1.78% on the last trading day (Friday, 26th Apr 2024), rising from $6.26 to $6.37. During the last trading day the stock fluctuated 1.26% from a day low at $6.35 to a day high of $6.43. The price has fallen in 5 of the last 10 days and is down by -2.73% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 59 thousand more shares were traded than the day before. In total, 118 thousand shares were bought and sold for approximately $754.93 thousand.
The stock lies in the middle of a 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 14.83% during the next 3 months and, with a 90% probability hold a price between $6.43 and $7.72 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NHYDY Signals & Forecast
The Norsk Hydro 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 $6.34 and $5.95. A breakdown below any of these levels will issue sell signals. Norsk Hydro ASA has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 -3.46%. 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).
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 $5.81 and $5.47. 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 $5.81. If this is broken, then the next support from accumulated volume will be at $5.47 and $5.45.
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 $0.0800 between high and low, or 1.26%. For the last week, the stock has had daily average volatility of 1.99%.
Our recommended stop-loss: $6.07 (-4.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (NHYDY) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Norsk Hydro ASA to open at $6.38, and during the day (based on 14 day Average True Range), to move between $6.21 and $6.54, which gives a possible trading interval of +/-$0.166 (+/-2.60%) up or down from last closing price. If Norsk Hydro ASA takes out the full calculated possible swing range there will be an estimated 5.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.38 (0.13%) than the support at $5.81 (8.89%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Norsk Hydro ASA stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.625 Buy Candidate Upgraded
Predicted Opening Price for Norsk Hydro ASA of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$6.38 ( 0.194%) | $6.37 |
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 | 6.46 | 1.45 % | |
R2 | 6.43 | 0.97 % | ||
R1 | 6.41 | 0.673 % | ||
Current price: | 6.37 | |||
Support | S1 | 6.35 | -0.286 % | |
S2 | 6.33 | -0.582 % | ||
S3 | 6.30 | -1.06 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.55 | 2.80 % | |
R2 | 6.45 | 1.23 % | ||
R1 | 6.38 | 0.133 % | ||
Current price | 6.37 | |||
Support | S1 | 5.81 | -8.89% | |
S2 | 5.47 | -14.15% | ||
S3 | 5.45 | -14.46% |
NHYDY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 09, 2024 | May 09, 2024 | May 29, 2024 | $0.235 | 3.69% |
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
Click here for our free guide on how to buy Norsk Hydro ASA Stock.