NOK/INR Currency Pair Forecast

Weaker technical forecast for NOK/INR as currency pair downgraded to Sell Candidate.
(Updated on May 17, 2024)

NOKINR Signals & Forecast

The NOK/INR currency pair 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 ₹7.75 and ₹7.67. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wednesday, May 15, 2024, and so far it has fallen -0.214%. Further fall is indicated until a new bottom pivot has been found. NOK/INR gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The currency pair had a Golden Star Signal on Sunday, July 02, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for NOK/INR currency pair

NOK/INR finds support from accumulated volume at ₹7.77 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved ₹0.0435 between high and low, or 0.561%. For the last week the currency pair has had daily average volatility of 0.754%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (NOKINR) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect NOK/INR to open at ₹7.79, and during the day (based on 14 day Average True Range), to move between ₹7.73 and ₹7.87, which gives a possible trading interval of +/-₹0.0686 (+/-0.88%) up or down from last closing price. If NOK/INR takes out the full calculated possible swing range there will be an estimated 1.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹7.80 (0.03%) than the support at ₹7.77 (0.38%), 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 NOK/INR currency pair A Buy?

NOK/INR holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.383 Sell Candidate Downgraded

Predicted Opening Price for NOK/INR of Monday, May 20, 2024

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