[30 July 2024]
Today, Tuesday 30 July 2024, StockCharts365.com has taken a closer look at an exciting company on the Oslo Stock Exchange:
Hexagon Composites ASA (Ticker on the Oslo Stock Exchange: HEX).
The Hexagon share on the Oslo Stock Exchange (HEX) has triggered a strong technical buy signal, which indicates a doubling for the share from today's price level of around NOK 30.00, and up to NOK 55.00 - 70.00 within the next 6-12 months.
You can read more about this below in the case here under the technical analysis today of this exciting company on the Oslo Stock Exchange: Hexagon Composites ASA (ticker: HEX).
First here a little about the company Hexagon Composites ASA (Ticker on the Oslo Stock Exchange: HEX)
Global leader in clean energy solutions
We believe that technology is no longer the barrier to enabling clean energy for all.
Our world leading high-pressure cylinder technology enables the safe delivery of clean gaseous energy to industries - and decarbonizes transportation on land and at sea. To date we have thousands of solutions and six decades of experience helping our customers reduce CO2 emissions.
Strong global footprint
We are headquartered in Norway with 23 international locations, including the world’s most important clean energy markets in Europe, Asia and North America.
Our business areas are global leaders in their segments, driving the energy transition with a range of clean energy solutions.
Hexagon Agility
Hexagon Agility is a global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.
Hexagon Agility offers a wide range of clean fuel solutions for commercial vehicles and gaseous energy transportation. The use of Type 4 composite cylinders, enables the lightest and longest-range alternative in the industry. All our solutions are available for immediate deployment.
With more than 70,000 commercial vehicles deployed, logging billions of miles, our solutions are driving global decarbonization.
Hexagon Agility have offices and production sites in North America, Norway, Germany, Latin America and India, as well as global customer support.
Hexagon Purus
Hexagon Purus is a leading global provider of technology needed for zero emission mobility.
Hexagon Purus is accelerating the energy transition by providing Type 4 high-pressure composite cylinders and systems for the storage and transportation of compressed hydrogen, as well as complete vehicle systems and battery packs for fuel cell and battery electric vehicles.
In 2021, Hexagon Purus acquired Wystrach, significantly increasing its hydrogen systems design and assembly capacity, expanding its product portfolio and increasing its exposure to hydrogen infrastructure through distribution modules, mobile refueling and stationary storage solutions.
Hexagon Purus is headquartered in Norway, with more than 500 dedicated employees in the USA, Germany, Canada, China and Norway.
Hexagon Digital Wave
Hexagon Digital Wave is the global leader in innovative cylinder testing and monitoring technology.
Hexagon Digital Wave is the global leader in innovative cylinder testing and monitoring technology, offering solutions that reduce down-time an inspection costs while improving inspection accuracy.
With applications worldwide, Hexagon Digital Wave serves government entities, academic institutes, and private clients in the compressed gas and pressure vessel industries.
For more information about the company, please visit their website here:
Technical Analysis of Hexagon Composites ASA (Ticker on the Oslo Stock Exchange: HEX)
Charts are from the technical analysis program Vikingen.
Technical Analysis of Hexagon Composites ASA (Ticker on the Oslo Stock Exchange: HEX):
The Hexagon Composite share (ticker on the Oslo Stock Exchange: HEX) is in a long-term positive trend, and further price rises for the share are now being signaled both in the short and long term.
The share has shown strong development in recent months, and is now consolidating in the very short picture, but finds significant technical support now around the NOK 28.00 level.
Here, among other things, there is support at the 50-day moving average.
The stock has broken out of a large rectangular consolidation formation, triggering a strong technical buy signal.
The potential indicated for the share is up to first NOK 38.00 - 40.00, and then up to NOK 55.00 - 70.00.
The share is currently traded around NOK 30.00, and the potential could thus be a good doubling in 12 months' time for the Hexagon Composite (HEX) 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 (so-called Golden Cross signal).
This signals that both the short-term and long-term trend for the share has now turned from negative to positive.
There is now limited technical resistance further upwards for the share, and where the potential, according to the technical picture for the share, is first at around NOK 38.00 - 40.00, and then at around NOK 55.00 - 70.00.
This is according to both the strong technical buy signal from the break up from the large rectangle consolidation formation, and according to the long-term rising trend that the stock is moving within.
Various momentum indicators such as RSI, Stochastics and MACD are now also signaling further growth for the stock in the short term. StockCharts365.com's two own analysis models, 'The SignalList' and 'The TradingList' are also both in a buy signal for Hexagon Composites ASA (HEX).
What could potentially change the currently positive technical picture for the share would be if it were to have an established break below the 50-day and 200-day moving averages and below the NOK 26.00 - 28.00 level.
Based on this overall positive technical picture today for Hexagon Composites (ticker on the Oslo Stock Exchange: HEX), the share is considered an exciting and interesting buy candidate at today's price level of around NOK 30.00.
The potential for the share is assessed to be around NOK 38.00 - 40.00 in the 1-3 month term, and around NOK 55.00 - 70.00 in the 6-12 month term.
A stop-loss can preferably be set around the NOK 25.00 level.
There should thus be a favorable risk-reward ratio for an investment at today's share price, which is around NOK 30.00.
NB! Remember to have read and understood the disclaimer.
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