NEL ASA Stock Forecast

A very strong day for NEL ASA stock price on Tuesday
(Updated on May 14, 2024)

NLLSF 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 $0.517 and $0.476. 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 35.68%. 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). NEL 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. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for NEL ASA stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.461 and $0.454. 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, NEL ASA finds support just below today's level at $0.461. If this is broken, then the next support from accumulated volume will be at $0.454 and $0.436.

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 $0.0224 between high and low, or 4.01%. For the last week, the stock has had daily average volatility of 5.60%.

Our recommended stop-loss: $0.540 (-3.48%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (NLLSF) For The Upcoming Trading Day Of Wednesday 15th

For the upcoming trading day on Wednesday, 15th we expect NEL ASA to open at $0.566, and during the day (based on 14 day Average True Range), to move between $0.522 and $0.596, which gives a possible trading interval of +/-$0.0368 (+/-6.59%) up or down from last closing price. If NEL ASA takes out the full calculated possible swing range there will be an estimated 13.18% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.581 (3.95%) than the support at $0.461 (17.46%), 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 NEL ASA stock A Buy?

NEL ASA holds several positive signals and is within a weak 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: 6.561 Strong Buy Candidate Upgraded

Predicted Opening Price for NEL ASA of Wednesday, May 15, 2024

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