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Today, Wednesday 19 June 2024, StockCharts365.com has taken a closer look at Tomra Systems ASA (ticker on the Oslo Stock Exchange: TOM).


[19 June 2024]


Today, StockCharts365.com has taken a closer look at Tomra Systems ASA (ticker on the Oslo Stock Exchange: TOM).


The Tomra share showed a very weak development from the beginning of 2022 to the 4th quarter of 2023, but then the trend has turned to a far more positive development. StockCharts365.com has today taken a closer look at Tomra and what the technical picture for the share now indicates about the further development of the share in the short and medium term.


 

First a little about Tomra Systems ASA (ticker on the Oslo Stock Exchange: TOM)

Tomra Systems is a technology company that develops products for automated return handling. The company's expertise is the development of sensor-based solutions.


The technology is used in product sorting for deposit systems, waste sorting and when sorting ore and minerals in mining. The company also offers advice and installation.


The products are used by several customers in various industries. Tomra Systems was established in 1972 and has its head office in Asker. For more information about Tomra see their websites here:


Read more about the company on their website here:




 

Charts are from the technical analysis program Vikingen.


Technical Analysis of Tomra Systems ASA (ticker on the Oslo Stock Exchange: TOM):

Tomra has broken out of the long-term falling trend that started for the share around the beginning of 2022 (cf. weekly chart).


A new and rising trend has since been established for the share, and where the share is now around the support level at the lower trend line in this rising trend.


There is also a significant technical support level for the share around the NOK 130.00 level.


Then there is considerable technical support for the share at the 200-day moving average, around NOK 126.00.


StockCharts365.com's own analysis models, The SignalList and The TradingList, are both now in a buy signal for the Tomra share.


Various momentum indicators such as RSI, Stochastics and MACD do not give clear signals at the moment about further developments in the short term.


There has been lower volume in the share during the recent correction down from around the NOK 170.00 level to around the NOK 130.00 level, than the volume during the previous upswing period. There is thus a positive volume balance in the share, which underpins the overall positive technical picture for the share.


The share thus finds significant technical support around today's price level, and if the share were to break above the 50-day moving average again (around NOK 140.00) then there will probably be a new test of the next resistance level around NOK 170.00 within a short time.


According to the rising trend in which the share is now moving, a potential for the share of up to NOK 200.00 in a couple of months' time is indicated.


What could change the currently positive technical picture for the share would be if the share were to break below the support level at NOK 130.00 and below the 200-day moving average.


Based on the overall positive technical picture for Tomra today, StockCharts365.com rates the Tomra share as an interesting stock to buy.


StockCharts365.com therefore sees a short-term (2-3 month term) potential for the share up to the NOK 200.00 level.


 

NB! Remember to have read and understood the disclaimer.

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