poLight ASA Stock Forecast
poLight ASA stock price up more than 6.75% on Wednesday
(Updated on May 08, 2024)
The poLight ASA stock price gained 6.75% on the last trading day (Wednesday, 8th May 2024), rising from kr2.45 to kr2.61. During the last trading day the stock fluctuated 8.43% from a day low at kr2.49 to a day high of kr2.70. The price has fallen in 7 of the last 10 days and is down by -7.12% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 115 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately kr5.78 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at kr3.21 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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.
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PLT.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 07, 2024, and so far it has risen 6.75%. 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 poLight ASA 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 kr3.42. On a fall, the stock will find some support from the short-term average at kr2.56. 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 poLight ASA stock
poLight ASA finds support from accumulated volume at kr2.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved kr0.210 between high and low, or 8.43%. For the last week, the stock has had daily average volatility of 9.83%.
poLight ASA is oversold on RSI14 (17). 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 (PLT.OL) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect poLight ASA to open at kr2.60, and during the day (based on 14 day Average True Range), to move between kr2.21 and kr3.01, which gives a possible trading interval of +/-kr0.400 (+/-15.34%) up or down from last closing price. If poLight ASA takes out the full calculated possible swing range there will be an estimated 30.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr2.64 (1.15%) than the support at kr2.57 (1.53%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is poLight ASA stock A Buy?
poLight ASA 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.053 Sell Candidate Upgraded
Predicted Opening Price for poLight ASA of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| kr2.60 ( 0.383%) | kr2.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLT.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.81 | 7.66 % | |
| R2 | 2.73 | 4.59 % | ||
| R1 | 2.68 | 2.69 % | ||
| Current price: | 2.61 | |||
| Support | S1 | 2.52 | -3.46 % | |
| S2 | 2.47 | -5.36 % | ||
| S3 | 2.39 | -8.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.08 | 17.82 % | |
| R2 | 2.68 | 2.68 % | ||
| R1 | 2.64 | 1.15 % | ||
| Current price | 2.61 | |||
| Support | S1 | 2.57 | -1.53% | |
| S2 | 2.50 | -4.21% | ||
| S3 | 2.45 | -6.32% |
FAQ
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