Ormat Technologies Inc Stock Forecast
Weaker technical forecast for Ormat Technologies Inc as stock downgraded to Sell Candidate.
(Updated on Apr 22, 2024)
The Ormat Technologies Inc stock price gained 1.29% on the last trading day (Monday, 22nd Apr 2024), rising from $63.75 to $64.57. It has now gained 4 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 1.64% from a day low at $63.84 to a day high of $64.89. The price has risen in 6 of the last 10 days but is still down by -0.42% for this period. Volume fell on the last day by -86 thousand shares and in total, 404 thousand shares were bought and sold for approximately $26.11 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.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.03% during the next 3 months and, with a 90% probability hold a price between $57.99 and $65.74 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ORA Signals & Forecast
There are mixed signals in the stock today. The Ormat Technologies Inc 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 $64.77. On a fall, the stock will find some support from the short-term average at $62.65. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.72%. Further rise is indicated 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 it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Ormat Technologies Inc stock
Ormat Technologies Inc finds support from accumulated volume at $63.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.05 between high and low, or 1.64%. For the last week, the stock has had daily average volatility of 2.76%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ORA) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Ormat Technologies Inc to open at $64.43, and during the day (based on 14 day Average True Range), to move between $62.73 and $66.41, which gives a possible trading interval of +/-$1.84 (+/-2.85%) up or down from last closing price. If Ormat Technologies Inc takes out the full calculated possible swing range there will be an estimated 5.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $65.09 (0.81%) than the support at $63.99 (0.90%), 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 Ormat Technologies Inc stock A Buy?
Ormat Technologies Inc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.108 Sell Candidate Downgraded
Predicted Opening Price for Ormat Technologies Inc of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $64.43 ( 0.212%) | $64.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.48 | 1.41 % | |
| R2 | 65.08 | 0.793 % | ||
| R1 | 64.83 | 0.410 % | ||
| Current price: | 64.57 | |||
| Support | S1 | 64.03 | -0.83 % | |
| S2 | 63.78 | -1.22 % | ||
| S3 | 63.38 | -1.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.22 | 4.10 % | |
| R2 | 65.49 | 1.42 % | ||
| R1 | 65.09 | 0.81 % | ||
| Current price | 64.57 | |||
| Support | S1 | 63.99 | -0.90% | |
| S2 | 62.11 | -3.81% | ||
| S3 | 60.97 | -5.58% |
ORA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 05, 2024 | Mar 20, 2024 | $0.120 | 0.182% |
| 2 | Nov 08, 2023 | Nov 21, 2023 | Dec 06, 2023 | $0.120 | 0.172% |
| 3 | Aug 02, 2023 | Aug 15, 2023 | Aug 30, 2023 | $0.120 | 0.159% |
| 4 | May 09, 2023 | May 22, 2023 | Jun 06, 2023 | $0.120 | 0.138% |
| 5 | Feb 22, 2023 | Mar 07, 2023 | Mar 22, 2023 | $0.120 | 0.152% |
FAQ
Click here for our free guide on how to buy Ormat Technologies Inc Stock.
