Ormat Technologies Inc Stock Forecast
Ormat Technologies Inc stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 17, 2024)
The Ormat Technologies Inc stock price gained 3.62% on the last trading day (Wednesday, 17th Apr 2024), rising from $59.94 to $62.11. During the last trading day the stock fluctuated 5.60% from a day low at $59.57 to a day high of $62.90. The price has fallen in 6 of the last 10 days and is down by -3.5% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 332 thousand more shares were traded than the day before. In total, 824 thousand shares were bought and sold for approximately $51.21 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.14% during the next 3 months and, with a 90% probability hold a price between $58.02 and $65.73 at the end of this 3-month period.
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ORA Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 3.62%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ormat Technologies Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $63.48 and $64.89. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Ormat Technologies Inc stock
Ormat Technologies Inc finds support from accumulated volume at $60.97 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 $3.34 between high and low, or 5.60%. For the last week, the stock has had daily average volatility of 4.39%.
Our recommended stop-loss: $59.09 (-4.86%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (ORA) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Ormat Technologies Inc to open at $61.53, and during the day (based on 14 day Average True Range), to move between $60.13 and $64.09, which gives a possible trading interval of +/-$1.98 (+/-3.19%) up or down from last closing price. If Ormat Technologies Inc takes out the full calculated possible swing range there will be an estimated 6.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $60.97 (1.84%) than the resistance at $63.99 (3.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ormat Technologies Inc stock A Buy?
Ormat Technologies Inc 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.054 Hold/Accumulate Upgraded
Predicted Opening Price for Ormat Technologies Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $61.53 ( 0.94%) | $62.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.86 | 4.43 % | |
| R2 | 63.59 | 2.38 % | ||
| R1 | 62.80 | 1.11 % | ||
| Current price: | 62.11 | |||
| Support | S1 | 60.25 | -2.99 % | |
| S2 | 59.46 | -4.26 % | ||
| S3 | 58.19 | -6.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.49 | 5.44 % | |
| R2 | 64.30 | 3.53 % | ||
| R1 | 63.99 | 3.03 % | ||
| Current price | 62.11 | |||
| Support | S1 | 60.97 | -1.84% | |
| S2 | 59.94 | -3.49% | ||
| S3 | 0 | . |
ORA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.120 | 0.182% |
| 2 | Nov 08, 2023 | Nov 21, 2023 | Dec 06, 2023 | $0.120 | 0.172% |
| 3 | Aug 02, 2023 | Aug 15, 2023 | Aug 30, 2023 | $0.120 | 0.159% |
| 4 | May 09, 2023 | May 22, 2023 | Jun 06, 2023 | $0.120 | 0.138% |
| 5 | Feb 22, 2023 | Mar 07, 2023 | Mar 22, 2023 | $0.120 | 0.152% |
FAQ
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