SpareBank 1 SR-Bank ASA Stock Forecast

SpareBank 1 SR-Bank ASA stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 03, 2024)

SRBNK.OL Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.49%. 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 SpareBank 1 SR-Bank 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 kr134.67. On a fall, the stock will find some support from the short-term average at kr132.77. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for SpareBank 1 SR-Bank ASA stock

SpareBank 1 SR-Bank ASA finds support from accumulated volume at kr134.40 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 kr2.00 between high and low, or 1.49%. For the last week, the stock has had daily average volatility of 1.69%.

Our recommended stop-loss: kr128.07 (-4.85%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (SRBNK.OL) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect SpareBank 1 SR-Bank ASA to open at kr135.27, and during the day (based on 14 day Average True Range), to move between kr132.13 and kr137.07, which gives a possible trading interval of +/-kr2.47 (+/-1.84%) up or down from last closing price. If SpareBank 1 SR-Bank ASA takes out the full calculated possible swing range there will be an estimated 3.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at kr134.40 (0.15%) than the resistance at kr134.80 (0.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SpareBank 1 SR-Bank ASA stock A Buy?

SpareBank 1 SR-Bank ASA 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.690 Hold/Accumulate Downgraded

Predicted Opening Price for SpareBank 1 SR-Bank ASA of Monday, May 6, 2024

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