GOGL Bat Harmonic seeking downside liquidityExpecting more downside on gogl over the following months. Good dividend stock to hang on for a deep value at 7.18. Good luck and trade safely!
GOGLO trade ideas
$GOGL ( Short Term Bear ) short term downside very possible.. good support around the $9.50 level
share price holding around the .382 fib level
GOGL - Potential breakout in progress!Golden Ocean Group Limited (Nasdaq symbol is GOGL) is now breaking up from its parallel channel and could touch the $15.50 level in a matter of days, on the daily chart.
Please note that all my trade ideas deal with very liquid stocks from well capitalized companies.
Stay tuned (or hit that Follow button) for updates and more trading ideas.
Happy trading and may you always be on the right side of the market.
Golden Ocean Group Ltd. (NASDAQ:GOGL) Impressive Q3 ResultGolden Ocean Group Ltd. (NASDAQ:GOGL) pleasantly surprised investors with its impressive Q3 revenue results on November 22, 2023. The company achieved a net income of $28.7 million during the third quarter, translating to earnings per share of $0.14 (basic). This performance highlights the company’s resilience and ability to outperform market expectations.
Although there was a slight decrease in sales compared to the previous year, Golden Ocean Group Ltd.’s exceptional performance in Q3 garnered a positive market response. The company’s ability to surpass projections demonstrates its strong financial footing and strategic decision-making.
Global Ocean's Analysist
Golden Ocean Group Limited (GOGL) stock has a mixed performance. The stock opened at $8.70 and fluctuated between a low of $8.70 and a high of $8.81. The volume of shares traded was 31,325, significantly lower than the average volume of 1,411,187 shares over the past three months. GOGL’s market capitalization remained stable at $1.5 billion. The company’s earnings growth last year was -16.04%, indicating a decline in profitability. However, the earnings growth forecast for the next five years is positive at +5.00%, suggesting potential future improvements in financial performance. GOGL’s revenue growth in the previous year was -7.46%, reflecting a decrease in sales.
Price Momentum
GOGL is trading in the middle of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors are still evaluating the share price, but the stock still appears to have some upward momentum. This is a positive sign for the stock's future value.
GOGL - 30Minute and Weekly Buy AnalysisSummary of this article: 30 minute and Weekly analysis, best to buy this above the breakout consolidation. Wait for $9-$11 to purchase this. If you do not want to wait for the breakout, Stop loss below $7.
There are a few ways to buy this on the 30minute chart, which can definitely morph to a long term hold.
You can see that purple would give the most consolidation to buy the breakout and in my opinion for a consolidation ALONG the $8 to $7.30 range would be BEST for a purchase of NASDAQ:GOGL above the breakout range, which could be as high as $8.20 (soon) or as low as $7.60 (Late Nov) depending where we are along such a consolidation.
Green would be an interesting buy because a tight stop loss below $6.88 a key level would be easy to execute, but coming back to $6.80-$7 would be poor for the stock and the stock would experience bearish momentum, but still, you can buy it at that key level with a tight SL.
Red path : There is also the case of just buy and see it perform, which is very possible. The stock has done this before without any significant market structure.
Please see my weekly analysis here:
There IS a Head and shoulders pattern that we are actually still fighting the neckline. On the weekly, super long term hold, the Easiest, safest way to buy this is at the breakout consolidation which could be between $9.50 and $8 depending where we are in the market, outlined in the green. The neckline is in dotted pink at around $7.50.
It is important that the price consolidated below the neckline only to break up with an micro inverted head and shoulders.
GOGL NASDAQ - Technical bull case for medium and long termDue to GOGL recent golden cross (GC) trigger it's based on historic data probable, we currently stand in front of a profitable bull run. Previously, the stock has proven to follow the GC trigger remarkably well, despite stock printing and subsequent stock overhang which otherwise would dampen such trigger. The stock has recently gained a decent amount of ~30%. However, there are sound fundamental reasons to believe this is just a start of an ongoing structural trend in the dry bulk freight market. These fundamental reasons stand to be impermeable only with the possibility of being postponed by a black-swan event like WWIII or events alike in magnitude. The chart displays the trend that has been established and followed in the previous ~6 months and hypothesizes the possibility of this trend being positively outpaced both on the aforementioned fundamental basis but also on a very strong and sound technical basis. Combining this analysis with the analysis of previous support and resistance lines in the chart, we find it likely that the stock will first challenge the ~$10.3 resistance and fail due to the dual resistance from both trendline and historical resistance line. This is also supported by needed relief in RSI. On a second try, we believe we believe enough momentum is allowed to breach the 10.3 resistance and complete a break-out for then to make a breach of the trend channel's upper line for the later test of the next resistance at ~$11.5.
Watchlist 2023-02-17 #HD #PDD #GOGL #APLS SPY - Friday session put in a clear bottom a 404 and we had a thrust above to end the week. Gapping below this base this morning. On Friday we said " If a heavy channel forms around the bottom range, I'd need to see a fake out above the channel first before shorting" this constitutes as a fake out. This would be invalidated if we close above 07. 30 on the hourly today. Bias is short until proven otherwise. Retailers showing weakness in the PM lead by HD, WMT.
Short Watches:
HD - Home Depot stock sinks after sales miss and downbeat outlook, offsetting profit beat and dividend hikes. Below high vol node of 314, below the 307.30 pivot, below 200 EMA, moving 1.6 ATRs to the downside which is the sweet spot, and showing 3.4 RVOL in the PM, RVOL is the primary key I look at in the PM at above 3 is rare and a great sign for continuation In the direction of the gap.
PDD - below the 90 pivot and below the range, gapping down on retailer earnings. Has room to 84 .
Long Watches:
GOGL - beats earnings. Interested above the 9.90 pivot. Needs more vol. Also about the 200 EMA and showing a daily buy setup.
APLS - keeping an eye on this over 62.
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts
GOGL IdeaIdea for GOGL showing a breakout of a channel and a curved trend line resistance
Very bullish situation
I have also drawn a sharp up channel in green which encompasses the bars pattern move.
Head & Shoulders pattern possibly playing outGolden Ocean had quite a run from lows in March 2020 to late May 2022 of +490%. Since then stock is down approx 40%. We now have this H&S pattern on weekly chart which signals a change in trend and also a possible Death Cross on daily chart in the making. Technicals are bearish and fundamentals are not looking great with Chinas economy slowing down and consuming less. Spot rates have nosedived and dry bulk sentiment is ‘worst it has been in many years’. Short positions are currently at 2,52%.
Conservative target: nkr 74
Pattern target: nkr 59
Good luck!
Golden Ocean confirmed for another drop. GOGL Goals 11.04, 10.51. Invalidation at 14.35.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
GOGL at interesting levelGOGL is reaching strong support on the weekly chart.
- horizontal support
- 50MA weekly
We could see the start of wave 4 from around this level.
Now we need to wait for confirmation on lower timeframes.
GOGL - Another One In The Strong Marine Sector1) This sector has been very strong as of late. With many of its peers posting monster earnings results.
2) GOGL looks like the next one to break out, along with PANL, EGLE, and SBLK.
GOGL Down Channel Breakout WeeklyBroadening Wedges can be observed on chart, initially a bullish one that pushed price into its long seen downtrend
Following this a bearish wedge is observed, which is accompanied by 200MA rejections
Right now price has experienced a double bottom, which is considered to be a bullish pattern. Pushing price out of the downtrend and leading to the now seen break out.
Weekly Chart
Long scalp GOGLBased on its uptrend, rebound from support and a familiar chart pattern confirmed by my technical indicators, I expect at least half a percent in profits IF GOGL exceeds yesterday's high of $13.52 during today's session.
Elliot on the shipping industryLets use the Elliot wave chart on the shipping industry.
Here we should expect a huge move upwards. 300% in 1,5 Years!
$GOGL ready for the next leg higher?* Great earnings in the recent quarters
* Strong up trend in the recent years
* Sector: Industrials - Marine Shipping
* Relative Strength vs. Sector: 37.17
* Relative Strength vs. SP500: 9.02
* Very strong stock in the sector as well as against the SP500
* U/D Ratio: 1.48
* Base Depth: 10.26%
* Distance from breakout buy point: 0.33%
* Volume 15.45% above its 15 day average
* Created a base for about 8 months before breaking out from $9.86
* Moved up ~26% before creating another base for the past ~5weeks and is now breaking out again
Trade Idea:
* Now's a great time to enter as the price is just breaking out.
* The high U/D Ratio of 1.48 shows that the stock is being accumulated
TEXTBOOKBeautiful setup doesn’t get anymore straight forward than this set stops accordingly, overshot previous PT’s adjusting and still looking for re-entry but now in mid upper 10’s (pink box tip of pennant) still on trend. Commonly early expecting re-entry to be no different, FOMO indeed. I like this stock, Let the gains ride to ex divi.
BreakoutCoincidentally the .618 coincides with a breakout retest of the recent trend and a sell the news earnings. 12.25 PT reentry in the 10’s. First leg represents a 55% run. Short term neutral.
Shorting Golden Ocean Group. GOGLWe do not know why 9/10 predictions today have a bearish outlook. This seems to not be tied to the SnP performance. This makes sense considering that the review is of very small companies. That is companies with very volatile stock. A word on shorts - they are extremely risky. We do not encourage or give financial advice for that matter anyway.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
Putting on the the charting goggles for GOGLLooking on the daily a bounce on the 200 EMA today. RSI oversold. Still trading in a downward channel, but can easily get profits there aswel. Break below is not good but CAPE was down a lot today, still GOGL held up. I’ll try here.
