Oceanteam ASA Stock Forecast
Big movements in Oceanteam ASA stock price on Friday moving 19.23% between high and low
(Updated on Jun 21, 2024)
The Oceanteam ASA stock price fell by -8.82% on the last day (Friday, 21st Jun 2024) from kr1.00 to kr0.91. During the last trading day the stock fluctuated 19.23% from a day low at kr0.91 to a day high of kr1.09. The price has fallen in 6 of the last 10 days and is down by -15.74% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -77 thousand shares and in total, 8 thousand shares were bought and sold for approximately kr6.95 thousand.
The stock has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (kr0.91) are considered to be a "second chance" to get out. According to the fan-theory kr0.564 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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OTS.OL Signals & Forecast
There are few to no technical positive signals at the moment. The Oceanteam 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 kr0.98 and kr1.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -31.32%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Monday, May 06, 2024 and based on theory for this formation the price should fall by -7.97% to kr0.84 within 24 trading days since signal was issued (Thursday, June 13, 2024).
Support, Risk & Stop-loss for Oceanteam ASA stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved kr0.175 between high and low, or 19.23%. For the last week the stock has had daily average volatility of 11.83%.
Oceanteam ASA is oversold on RSI14 (25). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OTS.OL) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Oceanteam ASA to open at kr0.97, and during the day (based on 14 day Average True Range), to move between kr0.81 and kr1.01, which gives a possible trading interval of +/-kr0.0980 (+/-10.77%) up or down from last closing price. If Oceanteam ASA takes out the full calculated possible swing range there will be an estimated 21.54% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ kr1.01, some kr0.0950 (10.44%) from the current price of kr0.91, our system finds the risk reward not very attractive.
Is Oceanteam ASA stock A Buy?
Oceanteam ASA holds several negative signals and is within a very 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 Sell to a Strong Sell candidate.
Current score: -5.010 Strong Sell Candidate Downgraded
Predicted Opening Price for Oceanteam ASA of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| kr0.97 ( 6.41%) | kr0.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OTS.OL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.14 | 25.64% |
| R2 | 1.08 | 18.29% |
| R1 | 1.04 | 13.76% |
| Price | 0.91 | |
| S1 | 0.90 | -0.94% |
| S2 | 0.86 | -5.47% |
| S3 | 0.793 | -12.82% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.11 | 21.43% |
| R2 | 1.08 | 18.68% |
| R1 | 1.01 | 10.44% |
| Price | 0.91 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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