Norsk Hydro ASA Stock Forecast

Norsk Hydro ASA stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.
(Updated on Apr 17, 2024)

NHYDY Signals & Forecast

The Norsk Hydro 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 $6.44 and $5.73. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -1.82%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Norsk Hydro ASA stock

On the downside, the stock finds support just below today's level from accumulated volume at $5.81 and $5.47. 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, Norsk Hydro ASA finds support just below today's level at $5.81. If this is broken, then the next support from accumulated volume will be at $5.47 and $5.45.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.130 between high and low, or 2.01%. For the last week the stock has had daily average volatility of 1.66%.

The Norsk Hydro ASA stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $6.25 (-3.61%) (This stock has high daily movements and this gives high risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (NHYDY) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Norsk Hydro ASA to open at $6.49, and during the day (based on 14 day Average True Range), to move between $6.30 and $6.66, which gives a possible trading interval of +/-$0.178 (+/-2.75%) up or down from last closing price. If Norsk Hydro ASA takes out the full calculated possible swing range there will be an estimated 5.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $6.55 (1.08%) than the support at $5.81 (10.42%), 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 Norsk Hydro ASA stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Norsk Hydro ASA stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 2.092 Buy Candidate Upgraded

Predicted Opening Price for Norsk Hydro ASA of Thursday, April 18, 2024

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