Norwegian Air Shuttle ASA stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Aug 05, 2022)
Buy or Hold candidate since 2022-08-04 Loss -3.85% PDF
The Norwegian Air Shuttle ASA stock price fell by -3.85% on the last day (Friday, 5th Aug 2022) from $1.04 to $1.00. During the last trading day the stock fluctuated 4.00% from a day low at $1.00 to a day high of $1.04. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -5 thousand shares and in total, 6 thousand shares were bought and sold for approximately $6.00 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.04 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -19.90% during the next 3 months and, with a 90% probability hold a price between $0.43 and $0.83 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Signals & Forecast
The Norwegian Air Shuttle 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 $0.98 and $0.91. 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 Monday, August 01, 2022, and so far it has fallen -5.57%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $0.92 and $0.90. There is 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, Norwegian Air Shuttle ASA finds support just below today's level at $0.92. If this is broken, then the next support from accumulated volume will be at $0.90 and $0.85.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0400 between high and low, or 4.00%. For the last week the stock has had a daily average volatility of 5.94%.
Our recommended stop-loss: $0.94 (-5.70%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations For The Upcoming Trading Day Of Monday 8th
For the upcoming trading day on Monday 8th we expect Norwegian Air Shuttle ASA to open at $1.01, and during day (based on 14 day Average True Range), to move between $0.90 and $1.10, which gives a possible trading interval of +/-$0.0995 (+/-9.95%) up or down from last closing price. If Norwegian Air Shuttle ASA takes out the full calculated possible swing range there will be an estimated 19.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.04 (4.00%) than the support at $0.92 (8.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is Norwegian Air Shuttle ASA stock A Buy?
Norwegian Air Shuttle ASA 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.890Hold/Accumulate Downgraded
Predicted Opening Price for Norwegian Air Shuttle ASA of Monday, August 8, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price August 8, 2022||Current price|
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