Otello Corporation ASA Stock Forecast

Weaker technical forecast for Otello Corporation ASA as stock downgraded to Sell Candidate.
(Updated on May 16, 2024)

OTEC.OL Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 08, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Otello Corporation ASA 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 kr7.63 and kr7.95. 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). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".

Support, Risk & Stop-loss for Otello Corporation ASA stock

Otello Corporation ASA finds support from accumulated volume at kr7.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved kr0.0800 between high and low, or 1.05%. For the last week the stock has had daily average volatility of 2.69%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (OTEC.OL) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Otello Corporation ASA to open at kr7.63, and during the day (based on 14 day Average True Range), to move between kr7.39 and kr7.81, which gives a possible trading interval of +/-kr0.212 (+/-2.80%) up or down from last closing price. If Otello Corporation ASA takes out the full calculated possible swing range there will be an estimated 5.59% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at kr7.56 (0.53%) than the resistance at kr7.70 (1.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Otello Corporation ASA stock A Buy?

Otello Corporation ASA holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.478 Sell Candidate Downgraded

Predicted Opening Price for Otello Corporation ASA of Tuesday, May 21, 2024

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