Norsk Hydro ASA Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Norsk Hydro ASA stock price up 0.763% on Monday
(Updated on Apr 15, 2024)
The Norsk Hydro ASA stock price gained 0.763% on the last trading day (Monday, 15th Apr 2024), rising from $6.55 to $6.60. It has now gained 3 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 2.29% from a day low at $6.55 to a day high of $6.70. The price has risen in 9 of the last 10 days and is up by 20.88% over the past 2 weeks. Volume fell on the last day by -44 thousand shares and in total, 165 thousand shares were bought and sold for approximately $1.09 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to rise 4.06% during the next 3 months and, with a 90% probability hold a price between $5.41 and $6.87 at the end of this 3-month period.
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 $6.41 and $5.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 05, 2024, and so far it has risen 29.92%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.150 between high and low, or 2.29%. For the last week the stock has had daily average volatility of 1.50%.
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 and the RSI is still moving upwards. 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: $6.41 (-2.82%) (This stock has high daily movements and this gives high risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (NHYDY) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Norsk Hydro ASA to open at $6.62, and during the day (based on 14 day Average True Range), to move between $6.43 and $6.77, which gives a possible trading interval of +/-$0.166 (+/-2.51%) up or down from last closing price. If Norsk Hydro ASA takes out the full calculated possible swing range there will be an estimated 5.03% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $5.81, some $0.795 (12.05%) from the current price of $6.60, our system finds the risk reward attractive.
Is Norsk Hydro ASA stock A Buy?
Norsk Hydro ASA holds several positive signals and is within a weak 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.
Current score: 6.097 Strong Buy Candidate Unchanged
Predicted Opening Price for Norsk Hydro ASA of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $6.62 ( 0.253%) | $6.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NHYDY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.77 | 2.53 % | |
| R2 | 6.71 | 1.66 % | ||
| R1 | 6.67 | 1.12 % | ||
| Current price: | 6.60 | |||
| Support | S1 | 6.56 | -0.616 % | |
| S2 | 6.52 | -1.15 % | ||
| S3 | 6.47 | -2.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 6.60 | |||
| Support | S1 | 5.81 | -12.05% | |
| S2 | 5.47 | -17.12% | ||
| S3 | 5.45 | -17.42% |
NHYDY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | May 29, 2024 | $0.235 | 3.57% |
| 2 | May 06, 2023 | May 11, 2023 | May 31, 2023 | $0.541 | 8.93% |
| 3 | Sep 16, 2022 | Sep 21, 2022 | May 31, 2023 | $0.149 | 2.46% |
| 4 | May 06, 2022 | May 11, 2022 | May 27, 2022 | $0.588 | 7.39% |
| 5 | Nov 16, 2020 | May 07, 2021 | Dec 04, 2020 | $0.147 | 3.36% |
FAQ
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