Novo Nordisk A/S Stock Forecast

Novo Nordisk A/S stock price down 0.293% on Thursday
(Updated on Apr 25, 2024)

NVO Signals & Forecast

There are mixed signals in the stock today. The Novo Nordisk A/S stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $128.14. On a fall, the stock will find some support from the short-term average at $125.12. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -7.45%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Novo Nordisk A/S stock

On the downside, the stock finds support just below today's level from accumulated volume at $118.26 and $114.74. 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, Novo Nordisk A/S finds support just below today's level at $118.26. If this is broken, then the next support from accumulated volume will be at $114.74 and $109.02.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.64 between high and low, or 2.14%. For the last week the stock has had daily average volatility of 2.06%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (NVO) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Novo Nordisk A/S to open at $124.95, and during the day (based on 14 day Average True Range), to move between $123.05 and $128.53, which gives a possible trading interval of +/-$2.74 (+/-2.18%) up or down from last closing price. If Novo Nordisk A/S takes out the full calculated possible swing range there will be an estimated 4.36% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $133.07 (5.79%) than the support at $118.26 (5.99%), 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 Novo Nordisk A/S stock A Buy?

Novo Nordisk A/S 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.

Current score: -2.938 Sell Candidate Unchanged

Predicted Opening Price for Novo Nordisk A/S of Friday, April 26, 2024

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