Lens technology in this week’s analysis!

Aksjeanalyser.com takes a closer look at an exciting company at the Oslo Stock Exchange: poLight ASA

The company is listed on the Oslo Stock Exchange (ticker PLT)

The stock has recently triggered a strong technical buy signal and may have significant upside in the next 6-12 months. Read more about this below and in the technical analysis of poLight ASA.

Briefly about poLight ASA

poLight ASA is engaged in the distribution of adjustable camera lenses for mobile phones and industrial applications ranging from medical to retail. The company offers TLens, which enables the production of wafer-scale and active optical components based on moldable polymers. The company was founded on October 20, 2005 and is headquartered in Skoppum, Norway.

With the current share price, the company has a market capitalization of approximately NOK 1.6 billion.

For more information about the company, visit their website here.

Technical Analysis of poLight ASA

(ticker PLT)

poLight (PLT) has recently triggered a very strong technical buy signal, and after breaking upwards from a large rectangle formation (cf. weekly chart below).

The buy signal was triggered when the stock broke above an important technical resistance level around NOK 5.70.

According to this rectangle formation, a potential for the share is indicated at NOK 15.00 – 20.00 in the 6-12 month term. In the short term (1-3 months) the potential for the stock is estimated to be around NOK 10.00 – 12.00.

When breaking up from such large rectangle formations, this is often followed by a very strong development for the stock.

A rising trend has been established for the poLight share, and further increases are signaled both in the short and long term within this rising trend.

The stock is above both the 50-day and 200-day moving averages, and the 50-day moving average is above the 200-day moving average. This confirms that both the short-term and long-term trends for the stock are positive.

The BEST Model in Vikingen is also in a buy signal for the poLight share (ticker on Oslo Børs: PLT). This popular and effective technical analysis model was developed by Peter Östevik. He finalized the BEST Model around 2019, after 30 years of experience in technical analysis and Vikingen Financial Software.

Based on this overall very positive technical picture for the poLight share, Aksjeanalyser.com considers the stock as an interesting buy candidate around the current price level.

What could possibly change the currently positive technical picture that the poLight share shows would be if the share were to break down below the now important and significant technical support level around the NOK 5.70 level and below the 50-day moving average.

The stock is above both the 50-day and 200-day moving averages, and the 50-day moving average is above the 200-day moving average. This confirms that the stock is in a positive trend both in the short and long term.