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Today, Wednesday 12 June 2024, StockCharts365 has taken a closer look at a share that has been tried hard on the Oslo Stock Exchange.


[12 June 2024]


Today, StockCharts365 has taken a closer look at a share that has been tried hard on the Oslo Stock Exchange, but where there are now signs that there may be sunny days for shareholders in the future. The company and share StockCharts365 has today looked at in more detail are: Scatec ASA (ticker on the Oslo Stock Exchange: SCATC) Several positive technical signals have been triggered for the Scatec share recently. Read more about this below here under the technical analysis of the share.


 

First a little about the company Scatec ASA (ticker on the Oslo Stock Exchange: SCATC) Scatec is a Norwegian solar energy producer. The company develops, manufactures and manages solar cell systems. The company is a subsidiary of the Scatec group, which is short for Scandinavian Advanced Technology, where the business has three segments: power generation, development and construction, as well as operation and maintenance. The company was established in 2001, and has its head office in Oslo. For more information about the company visit their website here: https://scatec.com/ https://scatec.com/investor/investor-overview/


 

We also note two interesting insider purchases in the share recently:


Scatec ASA: Mandatory notification of trade by primary insider 22 May 12:22 ∙ Global Newswire Oslo, 22 May 2024: Morten Henriksen, board member of Scatec ASA, has on 22 May bought 5,000 shares in Scatec ASA at an average price per share of NOK 72.90. After the transaction Morten Henriksen owns 10,000 shares in Scatec ASA.



Scatec ASA: Mandatory notification of trade by primary insider 21 May 15:27 ∙ Global Newswire Oslo, 21 May 2024: Jørgen Kildahl, Chair of the Board of Scatec ASA, has on 21 May bought 4,000 shares in Scatec ASA at an average price per share of NOK 74.45. After the transaction Jørgen Kildahl owns 7,000 shares in Scatec ASA.


 

Technical Analysis of Scatec ASA (ticker on the Oslo Stock Exchange: SCATC)

Charts are from the technical analysis program Vikingen. The hard-tested share Scatec now seems to be able to move towards brighter times ahead. Recently, several very positive technical signals have been triggered for the Scatec share. The stock has broken above both the 50-day and 200-day moving averages, and the 50-day moving average has broken above the 200-day moving average (Golden Cross signal). This signals that both the short-term and the long-term trend for the share have turned positive. Furthermore, the share has recently triggered a strong technical buy signal after breaking out of a large rectangle consolidation formation, and in recent days has had a classic consolidation above this rectangle formation (cf. daily chart). A strong technical buy signal has also been triggered for the Scatec share from a large inverted head-shoulders formation (cf. weekly chart), and this formation now indicates a potential for the share up to NOK 130.00 - 150.00 in the 6-12 month term. StockCharts365's own analysis models, respectively The SignalList (top) and TradingList (bottom) are both in a buy signal for Scatec (SCATC). The overall technical picture for Scatec is therefore very positive and signals a significant potential for the share in the next 6-12 months, and then preferably to around NOK 150.00 during this period.


 

NB! Remember to have read and understood the disclaimer.

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