Fri 23'rd Feb 2018
Novo Nordisk A/S Stock Analysis
Technical stock analysis for Fri 23'rd Feb 2018
|Shorts||2.22% ( 2018-01-31 )|
|Cash||11 879.5 mill|
Given the current horizontal trend you can expect Novo Nordisk A/S with 90% probability to be traded between $48.76 and $58.45 at the end of this period with 90% probability. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Novo Nordisk A/S holds buy signals from both short- and long-term moving averages, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down there will be some support from the lines at $51.96 and $53.79. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday February 08, 2018, 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 $51.87. On the upside the stock meets some resistance just above today's level from accumulated volume at $55.50, $56.68 and $57.79.
The stock is about to test the resistance from accumulated volume at $55.50 and this may cause the stock to take a minor break or get into a more sideways move for a few days.
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 $0.81 between high and low, or 1.53%. For the last week, the stock has had a daily average volatility of 1.54%.
Our recommended stoploss: $51.84 (-3.87%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from pivot bottom found 10 days ago.)
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Novo Nordisk A/S holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.
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