|SHORT TERM COMMENTARY: |
Statoil [Tuesday 15 May. 2018]:
|(Autocomments)|| Buy Candidate ( 5.72) |
|Statoil is up by 1.85% yesterday from NOK 216.80 to NOK 220.80 , and has now gained 5 days in a row. It will be exciting to see if it manages to continue the gaining strike or take a minor break for the next few days. In the last 10 days the price of Statoil has been rising in a total of 8 out of 10 days, and is up by 7.45% 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 1,50 million more shares than the day before. In total there were bought and sold 3,66 million shares for approx. NOK 808,04 million.|
3 MONTH TREND
|Statoil has broken the narrow 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 216.31, a level that may pose a second chance to hit a runner. According to fan-theory NOK 221.67 will be next possible trendtop level and thereby pose a resistancelevel which may not be broken on first attempt. |
| Only positive signals in the chart today. Statoil 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 212.16 and NOK 198.68. A break down bellow any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point at Mon. 19 March 2018 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)
|The stock holds a RSI14 at 76 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evalute the historic of the share as it may tell you something about the RSI-sensitiveness. |
SUPPORT AND RESISTANCE
|Statoil finds support from accumulated volume at NOK 206.00, NOK 198.00 and NOK 184.00 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. |
|This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. Last day they the stock moved NOK 3.80 between high and low and this equals 1.75%. For the last week the stock has had an daily average volatility of 1.50%. |
The stock is very overbought on RSI14 (76). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very little as the stock will find support at the trend broken.
|Statoil holds several positive signals and have broken the strong rising trend up. As is the stock are in a very good technical shape. We therefor consider to be a good choice at current levels and are expecting further gains during the next 3 months. |
OUR SHORT TERM CONCLUSSION: Buy Candidate.