Swedish Orphan Biovitrum AB (publ) Stock Forecast
Swedish Orphan Biovitrum AB (publ) stock upgraded to Hold/Accumulate.
(Updated on Jun 20, 2024)
The Swedish Orphan Biovitrum AB (publ) stock price gained 1.10% on the last trading day (Thursday, 20th Jun 2024), rising from kr273.40 to kr276.40. It has now gained 4 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 2.37% from a day low at kr270.00 to a day high of kr276.40. The price has risen in 6 of the last 10 days but is still down by -4.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 445 thousand more shares were traded than the day before. In total, 685 thousand shares were bought and sold for approximately kr189.43 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.94% during the next 3 months and, with a 90% probability hold a price between kr281.29 and kr313.31 at the end of this 3-month period.
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SOBI.ST Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 2.83%. 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 Swedish Orphan Biovitrum AB (publ) 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 kr278.96. On a fall, the stock will find some support from the short-term average at kr272.09. 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).
A sell signal from a double top formation was found on Wednesday, June 05, 2024 and based on theory for this formation the price should fall by -2.15% to kr270.44 within 18 trading days since signal was issued (Wednesday, July 03, 2024).
Support, Risk & Stop-loss for Swedish Orphan Biovitrum AB (publ) stock
Swedish Orphan Biovitrum AB (publ) finds support from accumulated volume at kr270.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved kr6.40 (2.37%) between high and low. For the last week, the stock has had daily average volatility of 2.27%.
Our recommended stop-loss: kr261.27 (-5.47%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (SOBI.ST) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Swedish Orphan Biovitrum AB (publ) to open at kr274.27, and during the day (based on 14 day Average True Range), to move between kr269.38 and kr283.42, which gives a possible trading interval of +/-kr7.02 (+/-2.54%) up or down from last closing price. If Swedish Orphan Biovitrum AB (publ) takes out the full calculated possible swing range there will be an estimated 5.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr280.80 (1.59%) than the support at kr270.80 (2.03%), 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 Swedish Orphan Biovitrum AB (publ) stock A Buy?
Swedish Orphan Biovitrum 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.868 Hold/Accumulate Upgraded
Predicted Opening Price for Swedish Orphan Biovitrum AB (publ) of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| kr274.27 ( 0.772%) | kr276.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOBI.ST
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 280.67 | 1.54% |
| R2 | 278.22 | 0.659% |
| R1 | 276.71 | 0.113% |
| Price | 276.40 | |
| S1 | 271.82 | -1.66% |
| S2 | 270.31 | -2.20% |
| S3 | 267.87 | -3.09% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 282.40 | 2.17% |
| R2 | 281.00 | 1.66% |
| R1 | 280.80 | 1.59% |
| Price | 276.40 | |
| S1 | 270.80 | -2.03% |
| S2 | 266.40 | -3.62% |
| S3 | 263.60 | -4.63% |
FAQ
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