TGS NOPEC Geophysical Co ASA Stock Forecast

TGS NOPEC Geophysical Co ASA stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 31, 2024)

TGS.OL Signals & Forecast

Mostly positive signals in the chart today. The TGS NOPEC Geophysical Co ASA stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at kr128.63 and kr126.43. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 17.09%. 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.

Support, Risk & Stop-loss for TGS NOPEC Geophysical Co ASA stock

On the downside, the stock finds support just below today's level from accumulated volume at kr130.00 and kr122.70. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, TGS NOPEC Geophysical Co ASA finds support just below today's level at kr130.00. If this is broken, then the next support from accumulated volume will be at kr122.70 and kr121.10.

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 kr3.10 between high and low, or 2.28%. For the last week, the stock has had daily average volatility of 3.32%.

Since the TGS NOPEC Geophysical Co ASA has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: kr132.12 (-3.56%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 30 days ago.)

Trading Expectations (TGS.OL) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect TGS NOPEC Geophysical Co ASA to open at kr137.23, and during the day (based on 14 day Average True Range), to move between kr132.52 and kr141.48, which gives a possible trading interval of +/-kr4.48 (+/-3.27%) up or down from last closing price. If TGS NOPEC Geophysical Co ASA takes out the full calculated possible swing range there will be an estimated 6.54% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ kr130.00, some kr7.00 (5.11%) from the current price of kr137.00, our system finds the risk reward attractive.

Is TGS NOPEC Geophysical Co ASA stock A Buy?

TGS NOPEC Geophysical Co ASA holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.302 Strong Buy Candidate Upgraded

Predicted Opening Price for TGS NOPEC Geophysical Co ASA of Monday, June 3, 2024

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