[17 September 2024]
Today, Tuesday 17 September 2024, StockCharts365.com has taken a closer look at an exciting company on the Oslo Stock Exchange:
Hexagon Purus ASA (ticker on the Oslo Stock Exchange: HPUR)
The overall technical picture for the share is positive, and the share may have significant potential in the short term. Read more about this below under the technical analysis of Hexagon Purus ASA (HPUR).
First a little about the company, Hexagon Purus ASA (HPUR):
Hexagon Purus is active in the manufacturing industry. The company works with the development of complete vehicle systems. The product portfolio is broad and mainly includes high-pressure cylinders and battery packs for fuel cell and battery-powered vehicles. In addition to the main business, aftermarket service, support and maintenance are offered. The customers are found in the automotive industry. The business is run on a global level, with the largest presence in the European market.
For more information about the company, visit their website here:
Technical Analysis of Hexagon Purus ASA (HPUR)
Technical Analysis of Hexagon Purus ASA (HPUR)
The Hexagon Purus (HPUR) share has triggered several positive technical signals recently, and further price rises are signaled for the share in the short term.
The share is in a long-term falling trend, but now a further rise is signaled to test the resistance level at the upper trend line in this long-term falling trend, around NOK 16.00.
The share ended yesterday, Monday 16 September 2024, at NOK 10.32 and the share may thus have significant potential in the short term (1-3 months).
An upward trend has been established for the stock in the short term, and the stock has broken above both the 50-day and 200-day moving averages.
Furthermore, the 50-day moving average has broken above the 200-day moving average. The so-called 'Golden Cross Signal', which is a powerful positive technical signal that signals that both the short-term and medium-term trend for the share has turned from negative to positive.
There is now considerable technical support for the share around the NOK 8.00 - 9.00 level, and among other things at the 50-day and 200-day moving averages.
A right-angled ascending triangle consolidation formation has been established for the share, and where a break above the NOK 11.00 level will trigger new positive technical signals for the share. There will then be little technical resistance to a further rise for the share before around the NOK 16.00 level.
A possible break above the NOK 16.00 level and out of the long-term falling trend will trigger a new strong buy signal for the share, which may then have potential up to around NOK 30.00 - 40.00.
In the first instance, a further rise to around the NOK 16.00 level is signaled for the Hexagon Purus share.
Various momentum indicators such as RSI, Stochastics and MACD also signal further growth for the stock in the short term.
StockCharts365.com's own analysis models ('The SignalList' and 'The TradingList') are also both in a buy signal for Hexagon Purus (HPUR).
Also read the analysis here recently by Hexagon Composites (ticker on the Oslo Stock Exchange: HEX):
NB! Remember to have read and understood the disclaimer.
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