Norske Skog ASA Stock Forecast

Evaluation of Norske Skog ASA stock downgraded after the last trading session.
(Updated on Apr 30, 2024)

NSKOG.OL Signals & Forecast

The Norske Skog 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 kr37.79. On a fall, the stock will find some support from the long-term average at approximately kr35.27. 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. 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, April 24, 2024, and so far it has fallen -3.91%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Norske Skog ASA stock

Norske Skog ASA finds support from accumulated volume at kr36.46 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 kr0.84 between high and low, or 2.25%. For the last week, the stock has had daily average volatility of 3.60%.

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

Trading Expectations (NSKOG.OL) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Norske Skog ASA to open at kr37.61, and during the day (based on 14 day Average True Range), to move between kr36.19 and kr38.53, which gives a possible trading interval of +/-kr1.17 (+/-3.14%) up or down from last closing price. If Norske Skog ASA takes out the full calculated possible swing range there will be an estimated 6.28% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr37.40 (0.11%) than the support at kr36.46 (2.41%), 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 Norske Skog ASA stock A Buy?

Norske Skog ASA 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 stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.093 Sell Candidate Downgraded

Predicted Opening Price for Norske Skog ASA of Thursday, May 2, 2024

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