In this week’s analysis – an oil and gas company!
Aksjeanalyser.com takes a closer look at Aker BP!
(ticker on Oslo Stock Exchange: AKRBP)
About the company
Aker BP is an oil and gas company with expertise in development, distribution and production at sea, where projects are managed both independently and in collaboration with other partners. The vision is to be an active and long-term owner of oil platforms in Norway’s offshore area. The company was established in 2016 as a merger of Aker, BP and Det norske oljeselskap. Operations are run from the company’s head office at Fornebu in Bærum.
For more information about the company, visit Aker BP’s website here.
Technical Analysis of Aker BP
(AKRBP)
Aker BP (AKRBP ) has recently triggered several positive technical signals.
The share has broken out of the long-term downward trend that started around three years ago when the share peaked at around NOK 420.00 in June 2022 (see weekly chart).
Furthermore, the stock has broken upwards through both the 50-day moving average and the 200-day moving average.
Now the 50-day moving average is also breaking up through the 200-day moving average, triggering what is called the “Golden Cross Signal”. Which is considered a powerful technical buy signal in technical analysis.
The stock has also triggered a buy signal after breaking upwards from a large rectangle formation, and here the buy signal was triggered when the stock broke upwards through an important and significant technical resistance level around NOK 260.00.
In the event of downward corrections, there should now be significant technical support for the share down towards the NOK 260.00 level.
Various momentum indicators such as RSI and Stochastics show an overbought situation for the stock in the very short term. This indicates that there may be a short-term consolidation or downward correction. As mentioned, there should then be significant technical support for the share down towards the NOK 260.00 level.
The BEST Model in Vikingen is also in buy signal for Aker BP (AKRBP). This popular and effective technical analysis model was developed by Peter Östevik. He finalized the the BEST Model around 2019, and after 30 years of experience in technical analysis and Vikingen Financial Software.
Based on this overall positive technical picture that Aker BP (AKRBP) now shows, Aksjeanalyser.com assesses the Aker BP share as an interesting buy candidate in the area between NOK 260.00 and the current price level of around NOK 279.00.
The potential for the share is estimated to be NOK 320.00 in the short term (2-4 weeks) and NOK 420.00 in the medium term (6-12 months).
What could possibly change the currently positive technical picture for the Aker BP share would be if the share were to have an established break down below the now important technical support level around NOK 260.00.
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