Overseas Shipholding Group Stock Forecast
Weaker technical forecast for Overseas Shipholding Group as stock downgraded to Sell Candidate.
(Updated on Apr 18, 2024)
The Overseas Shipholding Group stock price fell by -0.336% on the last day (Thursday, 18th Apr 2024) from $5.95 to $5.93. During the last trading day the stock fluctuated 1.61% from a day low at $5.91 to a day high of $6.01. The price has fallen in 7 of the last 10 days and is down by -7.05% for this period. Volume has increased on the last day by 33 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 287 thousand shares were bought and sold for approximately $1.70 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Overseas Shipholding Group stock with a 90% probability to be traded between $5.79 and $6.82 at the end of this 3-month period. 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 top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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OSG Signals & Forecast
There are few to no technical positive signals at the moment. The Overseas Shipholding Group stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $5.99 and $6.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, February 12, 2024, and so far it has fallen -10.29%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Overseas Shipholding Group stock
Overseas Shipholding Group finds support from accumulated volume at $5.83 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 $0.0950 between high and low, or 1.61%. For the last week, the stock has had daily average volatility of 2.21%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OSG) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Overseas Shipholding Group to open at $5.95, and during the day (based on 14 day Average True Range), to move between $5.77 and $6.09, which gives a possible trading interval of +/-$0.156 (+/-2.63%) up or down from last closing price. If Overseas Shipholding Group takes out the full calculated possible swing range there will be an estimated 5.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.01 (1.35%) than the support at $5.83 (1.69%), 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 Overseas Shipholding Group stock A Buy?
Overseas Shipholding Group holds several negative signals and is within a wide and falling trend, so we believe 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: -2.429 Sell Candidate Downgraded
Predicted Opening Price for Overseas Shipholding Group of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $5.95 ( 0.309%) | $5.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OSG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.04 | 1.91 % | |
| R2 | 6.01 | 1.30 % | ||
| R1 | 5.98 | 0.92 % | ||
| Current price: | 5.93 | |||
| Support | S1 | 5.91 | -0.303 % | |
| S2 | 5.89 | -0.681 % | ||
| S3 | 5.85 | -1.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.10 | 2.87 % | |
| R2 | 6.04 | 1.85 % | ||
| R1 | 6.01 | 1.35 % | ||
| Current price | 5.93 | |||
| Support | S1 | 5.83 | -1.69% | |
| S2 | 5.73 | -3.37% | ||
| S3 | 5.57 | -6.07% |
OSG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Apr 11, 2024 | $0.0600 | 0.98% |
| 2 | Dec 06, 2023 | Dec 20, 2023 | Jan 04, 2024 | $0.0600 | 1.16% |
| 3 | Mar 01, 2016 | Mar 16, 2016 | Mar 25, 2016 | $0.480 | 11.62% |
FAQ
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