This week’s analysis with stock tips by Bjørn Inge Pettersen!
Hotoff the press
This week, Viking presents a new feature called: Analysis of the week by Bjørn Inge Pettersen. Bjørn Inge has extensive experience of technical analysis and of Vikingen. This week’s Analysis is a technical analysis of an interesting stock in the Nordic region, selected by Bjørn Inge. From time to time, the analysis will focus on topical and interesting stock market indexes commodities and cryptocurrencies. All analysis is of course done through Vikingen, which Bjørn Inge Pettersen has used almost since the program was launched in 1986. Bjørn Inge started with technical analysis at a young age and has been using Vikingen for 36 years. He has been very satisfied with Vikingen for technical analysis, both in positions as a stock broker, as a technical analyst, as a fund manager. and as a private investor.
Bjørn Inge Pettersen, has for the past 12 years run Aksjeanalyser. com and has recently started an international, technical analysis service called StockCharts365.com
Exciting stock on the Stockholm Stock Exchange
StockCharts365. com has this week taken a closer look at a very exciting stock on the OMX Stockholm Stock Exchange, namely the company Nobia AB (NOBI). Nobia’s share price has fallen sharply in recent years, but there are now many indications that the share has bottomed out, and technically the share appears to be a good candidate for a doubling from the current price level.
Facts about the company Nobia AB (NOBI)
Nobia is a manufacturing company focused on household products. The company specializes in the production and development of kitchen solutions. The products are resold under several brands on the European market and mainly include Marbodal and Sigdal. The customers consist of both private and corporate clients. The company was previously part of Stora Enso and was founded in 1996. The head office is located in Stockholm.
Read more about Nobia AB (NOBI) on the company’s website here:
https://www.nobia.com/
https://www.nobia.com/sv/ir/
Technical analysis of Nobia AB (NOBI)
Golden Cross Signals
As mentioned, the Nobia share has fallen sharply in recent years and the company has undergone extensive restructuring.
Now the stock has broken out of this long-term falling trend (see the Vikingen weekly chart above). Moreover, the stock has broken above both the 50-day and 200-day moving averages. The 50-day moving average has also broken above the 200-day moving average, triggering what is known as the “Golden Cross signal”. This signal suggests that both the short-term and long-term trend for the stock has now turned from negative to positive.
Head-shoulder formation
A large inverted head-shoulder formation has also been established for the Nobia stock over the past six months.
To get a confirmed breakout from this inverted head-and-shoulders formation for Nobia stock, the stock needs to break above 5.70 SEK. Based on the now generally positive technical outlook for the stock, such a breakout above the SEK 5.70 level seems likely in the near future. The potential for the stock, according to this large inverted head-shoulder formation, will then be up towards the SEK 10.00 level. So almost a doubling from the current share price of SEK 5.20. Head-shoulder formations or, as here, a reverse head-shoulder formation, are considered in technical analysis to be among the most reliable formations for predicting changes in the larger trend of the objects studied with technical analysis.
Increased volume
It is also worth noting a significant increase in the volume of the stock during the establishment of this large inverted head shoulder formation, established during the last six months or so. This is a clear sign of what is known as an accumulation phase, which is often seen at the end of a large and strong downward trend in a stock.
One of many favorite models in the Vikingen program is the BEST model. This popular and effective model now also provides a buy signal for Nobia AB (NOBI). The BEST model is developed by Peter Östevik. He finalized the BEST model around 2019 after 30 years of experience in technical analysis and with Vikingen.
The Nobia share is an interesting buy
Based on this overall very positive technical picture for Nobia AB (NOBI), and the fact that the company has undergone an extensive restructuring, StockCharts365. com considers Nobia stock to be a very interesting stock at the current price level.
Nobia stock is a good candidate for a doubling in as short a time as within the next 6 months or so.
