Ormat Technologies Inc Stock Forecast
Green day on Friday for Ormat Technologies Inc
(Updated on Mar 31, 2023)
The Ormat Technologies Inc stock price gained 0.0945% on the last trading day (Friday, 31st Mar 2023), rising from $84.69 to $84.77. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.38% from a day low at $84.34 to a day high of $85.50. The price has risen in 8 of the last 10 days and is up by 5.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 193 thousand more shares were traded than the day before. In total, 739 thousand shares were bought and sold for approximately $62.63 million.
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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 -7.24% during the next 3 months and, with a 90% probability hold a price between $72.69 and $82.50 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.
ORA Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, March 22, 2023, and so far it has risen 7.09%. 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 a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $86.10. On a fall, the stock will find some support from the short-term average at $83.20. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $82.50 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 $1.16 between high and low, or 1.38%. For the last week, the stock has had daily average volatility of 1.74%.
Since the Ormat Technologies Inc has been rising for 7 days in a row, the risk over the next couple of days has increased.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ORA) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Ormat Technologies Inc to open at $84.87, and during the day (based on 14 day Average True Range), to move between $82.37 and $87.17, which gives a possible trading interval of +/-$2.40 (+/-2.84%) up or down from last closing price. If Ormat Technologies Inc takes out the full calculated possible swing range there will be an estimated 5.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $82.50 (2.68%) than the resistance at $87.80 (3.57%), 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 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.
Current score: -2.121 Open Broker Account
Sell Candidate UnchangedPredicted Opening Price for Ormat Technologies Inc of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price April 3, 2023 | Current price |
|---|---|
| $84.87 | $84.77 (Undervalued) |
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Trading levels for ORA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 86.03 | 1.49 % | |
| R2 | 85.59 | 0.96 % | ||
| R1 | 85.31 | 0.641 % | ||
| Current price: | 84.77 | |||
| Support | S1 | 84.43 | -0.405 % | |
| S2 | 84.15 | -0.728 % | ||
| S3 | 83.71 | -1.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 89.08 | 5.08 % | |
| R2 | 89.01 | 5.00 % | ||
| R1 | 87.80 | 3.57 % | ||
| Current price | 84.77 | |||
| Support | S1 | 82.50 | -2.68% | |
| S2 | 80.98 | -4.47% | ||
| S3 | 80.39 | -5.17% |
FAQ
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About Ormat Technologies Inc
Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electrici... ORA Profile
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