Novotek AB Stock Forecast

Stronger technical forecast for Novotek AB stock price after Friday trading.
(Updated on Apr 26, 2024)

NTEK-B.ST Signals & Forecast

The Novotek AB stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at kr62.80 and kr63.84. A breakdown below any of these levels will issue sell signals. Novotek AB 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 Friday, March 15, 2024, and so far it has fallen -2.70%. 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 Novotek AB stock

On the downside, the stock finds support just below today's level from accumulated volume at kr59.00 and kr55.50. 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, Novotek AB finds support just below today's level at kr59.00. If this is broken, then the next support from accumulated volume will be at kr55.50 and kr50.60.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved kr4.60 (7.64%) between high and low. For the last week, the stock has had daily average volatility of 5.52%.

Our recommended stop-loss: kr61.97 (-4.37%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)

Trading Expectations (NTEK-B.ST) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Novotek AB to open at kr63.27, and during the day (based on 14 day Average True Range), to move between kr62.30 and kr67.30, which gives a possible trading interval of +/-kr2.50 (+/-3.86%) up or down from last closing price. If Novotek AB takes out the full calculated possible swing range there will be an estimated 7.72% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr65.40 (0.93%) than the support at kr59.00 (8.95%), 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 Novotek AB stock A Buy?

Novotek AB holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.643 Hold/Accumulate Upgraded

Predicted Opening Price for Novotek AB of Monday, April 29, 2024

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