GOGL Technical Analysis - GOLDEN OCEAN GROUP LTD

Technical Rating and Analysis

Overall GOGL gets a technical rating of 4 out of 10. Recently some decent action could be observed, but in the medium term time frame this is still negative. GOGL was also a bad performer in the overall market in the last year.

86% of all other stocks performed better in the past year than GOGL.

GOGL is part of the Marine Transportation industry. There are 20 other stocks in this industry, of which 73% are performing better than GOGL.

GOGL is currently trading in the lower part of its 52 week range, which is not a good signal. Certainly not because the S&P500 Index is trading near new highs.

In the last month GOGL has a been trading in the 73.30 - 88.60 range, which is quite wide. It is currently trading near the high of this range.

The long term trend is still negative, but the short term trend is positive, so the stock is getting more and more appreciated by traders and investors.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

GOLDEN OCEAN GROUP LTD / GOGL Weekly stock chart

GOLDEN OCEAN GROUP LTD / GOGL Daily stock chart

Setup Rating and Analysis

GOGL has an average technical rating and also the quality of the setup is only medium 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

72.81

96.64

3 important support areas can be observed.

A support zone ranging from 78.90 to 79.43. 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 74.85 to 75.80. This zone is formed by a combination of multiple trend lines in multiple time frames.
Support @73.55 from a horizontal line in the daily time frame.

We can see 2 important resistance areas.

A resistance zone ranging from 88.01 to 88.01. This zone is formed by a combination of multiple trend lines in multiple time frames.
Resistance @95.68 from a trend line in the weekly time frame.

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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	DOWN	NEGATIVE	The long term trend for GOGL.OL is down.
ChartMill Short Term Trend Indicator	UP	POSITIVE	The short term trend for GOGL.OL is up.
ChartMill Relative Strength	14.64	NEGATIVE	GOGL.OL has a low relative strength, it was outperformed by 85.36% off all stocks on the market.
Simple Moving Average/SMA (20)	UP	POSITIVE	The current price of GOGL.OL is above the rising SMA(20).
Simple Moving Average/SMA (50)	UP	POSITIVE	The current price of GOGL.OL is above the rising SMA(50).
Simple Moving Average/SMA (200)	DOWN	NEGATIVE	The current price of GOGL.OL is below a declining SMA(200).
Relative Strength Index/RSI (14)	65.68	NEUTRAL	The RSI value for GOGL.OL is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.41	POSITIVE	The MACD value suggests GOGL.OL has a positive trend.
Stochastics (14,3)	89.08	OVERBOUGHT	The high Stochastics value suggests GOGL.OL may be overbought.
Average True Range in percent/ATR (20)	2.74	MEDIUM VOLATILITY	The ATR as a percentage value for GOGL.OL suggests some volalility.
Average Directional Index/ADX (14)	24.57	NEUTRAL	The ADX value for GOGL.OL suggests a possible start of a new trend.