Shelf Drilling Ltd Stock Forecast
Green day on Tuesday for Shelf Drilling Ltd
(Updated on May 07, 2024)
The Shelf Drilling Ltd stock price gained 1.78% on the last trading day (Tuesday, 7th May 2024), rising from kr19.14 to kr19.48. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.51% from a day low at kr19.14 to a day high of kr19.62. The price has risen in 7 of the last 10 days and is up by 1.46% 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, 90 thousand more shares were traded than the day before. In total, 421 thousand shares were bought and sold for approximately kr8.20 million.
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 -36.39% during the next 3 months and, with a 90% probability hold a price between kr10.89 and kr13.46 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.
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SHLF.OL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 7.33%. 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). 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 Shelf Drilling Ltd 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 kr21.22. On a fall, the stock will find some support from the short-term average at kr18.88. 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.
Support, Risk & Stop-loss for Shelf Drilling Ltd stock
Shelf Drilling Ltd finds support from accumulated volume at kr19.28 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 kr0.480 between high and low, or 2.51%. For the last week, the stock has had daily average volatility of 2.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SHLF.OL) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Shelf Drilling Ltd to open at kr19.41, and during the day (based on 14 day Average True Range), to move between kr18.72 and kr20.24, which gives a possible trading interval of +/-kr0.759 (+/-3.90%) up or down from last closing price. If Shelf Drilling Ltd takes out the full calculated possible swing range there will be an estimated 7.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr19.28 (1.03%) than the resistance at kr19.84 (1.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Shelf Drilling Ltd will release earnings BMO on Wednesday, May 15, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0800. We will update the financials statements for Shelf Drilling Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.28% in the first trading day after earnings release.
Is Shelf Drilling Ltd stock A Buy?
Shelf Drilling Ltd 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: -1.220 Sell Candidate Unchanged
Predicted Opening Price for Shelf Drilling Ltd of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| kr19.41 ( 0.342%) | kr19.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHLF.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.89 | 2.12 % | |
| R2 | 19.71 | 1.18 % | ||
| R1 | 19.60 | 0.599 % | ||
| Current price: | 19.48 | |||
| Support | S1 | 19.23 | -1.28 % | |
| S2 | 19.12 | -1.87 % | ||
| S3 | 18.93 | -2.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.99 | 2.62 % | |
| R2 | 19.85 | 1.90 % | ||
| R1 | 19.84 | 1.85 % | ||
| Current price | 19.48 | |||
| Support | S1 | 19.28 | -1.03% | |
| S2 | 19.15 | -1.69% | ||
| S3 | 19.00 | -2.46% |
FAQ
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