ELO Technical Analysis - ELOPAK ASA

Technical Rating and Analysis

We assign a technical rating of 10 out of 10 to ELO. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ELO is showing a nice and steady performance.

The long and short term trends are both positive. This is looking good!

When comparing the yearly performance of all stocks, we notice that ELO is one of the better performing stocks in the market, outperforming 82% of all stocks.

ELO is part of the Containers & Packaging industry. There are 13 other stocks in this industry. ELO outperforms 100% of them.

ELO is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so ELO is lagging the market slightly.

In the last month ELO has a been trading in the 46.65 - 53.20 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

Setup Rating and Analysis

Although ELO has an excellent technical rating, it does not present a decent entry opportunity at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

37.03

51.51

When analyzing the support we can see 7 important areas.

A support zone ranging from 50.67 to 50.95. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
A support zone ranging from 48.79 to 49.26. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
Support @43.59 from a horizontal line in the daily time frame.
Support @40.57 from a trend line in the weekly time frame.
Support @39.38 from a trend line in the weekly time frame.
Support @38.35 from a horizontal line in the weekly time frame.
Support @37.40 from a horizontal line in the weekly time frame.

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What is Support and Resistance

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Technical Indicator Signal Analysis

The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.

Indicator	Value	Signal	Comment
ChartMill Long Term Trend Indicator	UP	POSITIVE	The long term trend for ELO.OL is up.
ChartMill Short Term Trend Indicator	UP	POSITIVE	The short term trend for ELO.OL is up.
ChartMill Relative Strength	82.64	POSITIVE	ELO.OL has a high relative strength, it outperformed 82.64% off all stocks on the market.
Simple Moving Average/SMA (20)	UP	POSITIVE	The current price of ELO.OL is above the rising SMA(20).
Simple Moving Average/SMA (50)	UP	POSITIVE	The current price of ELO.OL is above the rising SMA(50).
Simple Moving Average/SMA (200)	UP	POSITIVE	The current price of ELO.OL is above the rising SMA(200).
Relative Strength Index/RSI (14)	67.33	NEUTRAL	The RSI value for ELO.OL is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.15	POSITIVE	The MACD value suggests ELO.OL has a positive trend, although the MACD value is declining.
Stochastics (14,3)	75	NEUTRAL	The Stochastics value for ELO.OL is a neutral value.
Average True Range in percent/ATR (20)	2.17	MEDIUM VOLATILITY	The ATR as a percentage value for ELO.OL suggests some volalility.
Average Directional Index/ADX (14)	18.78	NEGATIVE	The low ADX value for ELO.OL suggests a weak or negative trend.