Tue 23'rd May 2017
Nordic American Offshore Ltd Stock Analysis
Technical stock analysis for Tue 23'rd May 2017
Sell candidate since 2017-05-23
Nordic American Offshore Ltd lies in the middle of a very wide and strong 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 -11.8% during the next 3 months and, with 90% probability hold a price between USD 0.71 and USD 1.03 at the end of this period.
There are mixed signals in the stock today. A sales signal was issued from a pivot top point on Monday May 22, 2017, which indicates further falls until a new bottom pivot has been found. Nordic American Offshore Ltd gained volume on the last day, but on falling prices. In technical terms this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-off's". Nordic American Offshore Ltd holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately USD 1.12. On a fall, the stock will find some support from the long-term average at approximately USD 1.00. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal.
Relative Strength Index (RSI)
RSI14 is 63 and the stock is currently not being overbought or oversold
Support & Resistance
Nordic American Offshore Ltd finds support from accumulated volume at USD 1.05, USD 1.00, and USD 0.87. On the upside the stock meets some resistance from accumulated volume at USD 1.25, USD 1.10 and USD 1.15.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved USD 0.10 between high and low, or 9.52%. For the last week, the stock has had a daily average volatility of 8.84%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
Nordic American Offshore 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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Sell Candidate.