Global X MSCI Norway ETF Forecast

Global X MSCI Norway ETF price up 0.455% on Friday
(Updated on Apr 19, 2024)

NORW Signals & Forecast

Global X MSCI Norway 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. The Global X MSCI Norway ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $24.63 and $24.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.07%. 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). The ETF had a Golden Star Signal on Monday, March 04, 2024 in the short-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 ETF in question.

Support, Risk & Stop-loss for Global X MSCI Norway ETF

Global X MSCI Norway finds support from accumulated volume at $23.92 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.230 between high and low, or 0.95%. For the last week the ETF has had daily average volatility of 1.25%.

Our recommended stop-loss: $23.04 (-5.18%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (NORW) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Global X MSCI Norway ETF to open at $24.29, and during the day (based on 14 day Average True Range), to move between $24.00 and $24.60, which gives a possible trading interval of +/-$0.304 (+/-1.25%) up or down from last closing price. If Global X MSCI Norway ETF takes out the full calculated possible swing range there will be an estimated 2.50% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $23.92 (1.55%) than the resistance at $24.68 (1.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Global X MSCI Norway ETF ETF A Buy?

Global X MSCI Norway holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.119 Hold/Accumulate Unchanged

Predicted Opening Price for Global X MSCI Norway ETF of Monday, April 22, 2024

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