SHORT TERM COMMENTARY:
Norske Skogindustrier ASA [Monday 6 Sep. 2010]:
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| (Autocomments) | Buy Candidate ( 5.39) Evalutation Upgraded |
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| Norske Skogindustrier ASA is up by 11.68% yesterday from NOK 9.76 to NOK 10.90 In the last 10 days the price of Norske Skogindustrier ASA has been rising in a total of 5 out of 10 days, and is up by 20.31% over the past 2 weeks. Volume also increased last day along with the price which is positive technical sign, and in total there was traded 0,43 million more shares than the day before. In total there were bought and sold 4,06 million shares for approx. NOK 44,21 million. |
3 MONTH TREND |
| Norske Skogindustrier ASA has broken the wide and strong rising short term trend up and even stronger raising rate are indicated. On reaction back there will be support on the roof on the current trend broken, which is NOK 9.91, a level that may pose a second chance to hit a runner. According to fan-theory NOK 12.2 will be next possible trendtop level and thereby pose a resistancelevel which may not be broken on first attempt. |
SIGNALS |
| Only positive signals in the chart today. Norske Skogindustrier ASA holds buy signals from both short- and long term moving averages. In addition there is a general buysignal 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 NOK 9.26 and NOK 8.12. A break down bellow any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point at Fri. 20 August 2010 and this indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. |
RELATIVE STRENGHT INDEX (RSI) |
| RSI14 is 68 and the stock is currently not being overbought or oversold? |
SUPPORT AND RESISTANCE |
Norske Skogindustrier ASA finds support from accumulated volume at NOK 9.94, NOK 9.76 and NOK 8.32 There is no resistance from accumulated volume above today's level and given the right condition the stock may perform very well in the next couple of days.
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RISK |
This stock may move much during a day (volatility) and with a large prediction interval from the Bollingers Bond this stock is considered to be "high risk". Last day they the stock moved NOK 1.14 between high and low and this equals 11.62%. For the last week the stock has had an daily average volatility of 9.35%.
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OUR EVALUATION |
Several short term signals along with are positive, and the stock has broken the rising trend up which indicates even stronger rising rate and we conclude that current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short term. We have upgraded our recommandation for this stock from Weak Buy Candidate to Buy Candidate since last evaluation.
OUR SHORT TERM CONCLUSSION: Buy Candidate. |
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