Odfjell SE Stock Forecast

Odfjell SE stock price ended at kr175.20 on Thursday, after losing 0.114%.
(Updated on May 02, 2024)

ODF.OL Signals & Forecast

The Odfjell SE 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 kr174.43 and kr149.54. 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 Thursday, April 25, 2024, and so far it has fallen -0.793%. 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 Odfjell SE stock

On the downside, the stock finds support just below today's level from accumulated volume at kr144.00 and kr137.50. 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, Odfjell SE finds support just below today's level at kr144.00. If this is broken, then the next support from accumulated volume will be at kr137.50 and kr133.00.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved kr2.00 between high and low, or 1.15%. For the last week, the stock has had daily average volatility of 2.33%.

The Odfjell SE stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: kr168.90 (-3.59%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (ODF.OL) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Odfjell SE to open at kr175.07, and during the day (based on 14 day Average True Range), to move between kr170.09 and kr180.31, which gives a possible trading interval of +/-kr5.11 (+/-2.92%) up or down from last closing price. If Odfjell SE takes out the full calculated possible swing range there will be an estimated 5.84% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr175.40 (0.11%) than the support at kr144.00 (17.81%), 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 Odfjell SE stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Odfjell SE stock to perform well in the short-term.

Current score: 2.664 Buy Candidate Unchanged

Predicted Opening Price for Odfjell SE of Friday, May 3, 2024

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