Orexo AB (publ) Stock Forecast

Orexo AB (publ) stock downgraded from Strong Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 17, 2024)

ORX.ST Signals & Forecast

The Orexo AB (publ) 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 kr16.60 and kr15.89. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 20.69%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Orexo AB (publ) 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.

Support, Risk & Stop-loss for Orexo AB (publ) stock

On the downside, the stock finds support just below today's level from accumulated volume at kr14.70 and kr14.30. 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, Orexo AB (publ) finds support just below today's level at kr14.70. If this is broken, then the next support from accumulated volume will be at kr14.30 and kr14.08.

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 kr1.20 between high and low, or 7.32%. For the last week, the stock has had daily average volatility of 3.78%.

The Orexo AB (publ) 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 and the RSI is still moving upwards. 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: kr16.69 (-4.65%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 18 days ago.)

Trading Expectations (ORX.ST) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Orexo AB (publ) to open at kr17.17, and during the day (based on 14 day Average True Range), to move between kr16.68 and kr18.32, which gives a possible trading interval of +/-kr0.82 (+/-4.68%) up or down from last closing price. If Orexo AB (publ) takes out the full calculated possible swing range there will be an estimated 9.36% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ kr14.70, some kr2.80 (16.00%) from the current price of kr17.50, our system finds the risk reward attractive.

Is Orexo AB (publ) stock A Buy?

Orexo AB (publ) 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 Strong Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Orexo AB (publ) of Thursday, April 18, 2024

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