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StockCharts365.com has today, Friday 07 June 2024, taken a closer look at a very exciting share on the OMX Stockholm stock exchange.


[07 June 2024]


StockCharts365.com has today taken a closer look at a very exciting share on the OMX Stockholm stock exchange. The company that StockCharts365.com has taken a closer look at today is: Nobia AB (NOBI). The Nobia share has fallen sharply in the last couple of years, but now there are many indications that the share has bottomed out, and technically the share appears as a good candidate for doubling from today's price level.


 

First a little about the company Nobia AB (NOBI):


Nobia is a manufacturing company with a focus 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 customers and business customers. The company was previously part of Stora Enso and was established in 1996. The head office is in Stockholm. Read more about Nobia AB (NOBI) on the company's website here:


 

Technical Analysis of Nobia AB (NOBI):


As mentioned, the Nobia share has fallen sharply in the last couple of years, and the company has undergone extensive restructuring. The share has broken out of this long-term falling trend (see weekly chart). Furthermore, 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, thus triggering what is called the 'Golden Cross signal'. This indicates that both the short-term and long-term trend for the share has now turned from negative to positive. A large inverted head-shoulders formation has also been established for the Nobia share during the past six months. To get a confirmed breakout from this inverted head-shoulders formation for the Nobia share, the share must break above approximately SEK 5.70. Based on the now overall positive technical picture for the share, such a break above the SEK 5.70 level seems likely within a short time. The potential for the stock, and according to this large inverted head-shoulders formation, will then be up towards the SEK 10.00 level. So close to a doubling from today's share price of SEK 5.20. Such head-shoulder formations or, as here reversed head-shoulder formations, are considered in technical analysis to be among the most reliable technical analysis formations about changes in the larger trend for the objects that are studied with technical analysis. It is also worth noting a significant increase in the volume in the stock during the establishment of this large inverted head-shoulders formation which has thus been established now over the past approximately six months. This is a clear sign of what is called an accumulation phase, and which is often seen at the end of a major and strong downward trend in a share. Based on this overall very positive technical picture for Nobia AB (NOBI), and the fact that the company has been through an extensive restructuring, StockCharts365.com considers the Nobia stock to be a very interesting stock at today's price level. StockCharts365 sees the Nobia share as a good candidate for doubling in as short a time as just within the next approximately 6 months.


 

NB! Remember to have read and understood the disclaimer.

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