Thu 19'th Oct 2017
Novo Nordisk A/S Stock Analysis
Technical stock analysis for Thu 19'th Oct 2017
Buy candidate since 2017-10-13 Gain 6.63%
Novo Nordisk A/S lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 19.25% during the next 3 months and, with 90% probability hold a price between $57.10 and $62.43 at the end of this period.
Only positive signals in the chart today. Novo Nordisk A/S holds buy signals from both short- and long-term moving averages. In addition, 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 $49.34 and $48.68. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday October 13, 2017, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.
Relative Strength Index (RSI)
RSI14 is 66 and the stock is currently not being overbought or oversold
Support & Resistance
Novo Nordisk A/S finds support from accumulated volume at $49.06. There is no resistance from accumulated volume above today's level and given the right condition the stock may perform very well during the next couple of days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.52 (1.03%) between high and low. For the last week, the stock has had a daily average volatility of 1.19%.
Our recommended stoploss: $48.99 (-3.33%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 4 days ago.)
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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 this stock to perform well in the short-term.
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