Vikingen Investment School – now with Analysis and Stock Tip of the Week!
Welcome to another week of Vikingen Investment School!
More value for you who follow Vikingen Investment School!
To add more value to you who follow this blog, we are expanding the Vikingen Investment School with stock tips that we call “Weekly Analysis with Stock Tips” by StockCharts365.com.
Starting today June 10th Bjørn Inge Pettersen at StockCharts365 will deliver the “Analysis of the week with stock tip” here in this blog. We occasionally shorten it to just “Analysis of the Week”. It will be an analysis of an interesting stock in the Nordic region, selected by Bjørn Inge. From time to time, the analysis will focus on interesting stock market indexes, commodities and cryptocurrencies. All analysis is of course done through Vikingen, which Bjørn Inge Pettersen has used almost since the program was launched in 1986. Bjørn Inge started with technical analysis at a young age and has been using Vikingen for 36 years. He has been very satisfied with Vikingen for technical analysis, both in positions as a stock broker, as a technical analyst and as a fund manager. And also as a private investor.
Bjørn Inge Pettersen, has for the past 12 years run Aksjeanalyser. com and has recently started up the international technical analysis service called StockCharts365.com
This week StockCharts365.com has taken a closer look at one of the winning stocks of recent years on the Oslo Stock Exchange, the John Fredriksen controlled (38.9% stake) company Frontline (ticker on Oslo Børs: FRO).
But first, the Vikingen Investment School!
Below are comments to what we have sold and will purchase in the Vikingen Investment School as we enter week 24!
24SevenOffice Group AB, has gone up ahead of the EGM being held today, so we have sold the stock at a small profit. This stock has reached a resistance, so it was a good time to sell.
Hexatronic (HTRO), this one we still keep. The stock is performing well and the trend looks good both for the short and long term and the stock is up 11.77% since we bought.
We have also sold MyFirstApp Sweden AB with a small profit.
BankNordik P/F a Danish Bank that we keep, the stock is trending very slowly up (now it is mostly still) it can go up a little more. We are ready to sell.
Per Aarsleff Holding we are keeping this well-run company that has a good forecast ahead.
We bought Saniona AB last week and it is still trending upwards. But we are prepared to sell when the stock reaches its resistance at SEK 3.80-3.90. If you want to sell, it is a good idea to add an alarm just below the resistance level. In this case we set the alarm just above 3.80 kr.
Fortinova Fastigheter is a real estate company that shows buy signals in the BEST model in Vikingen and in the RSI model. We believe that it is a good long term stock, as things stand right now.
We will also invest in two interesting stocks
Nobia – the kitchen company that Bjørn Inge Pettersen presented last week in his technical analysis, we buy some of it.
Bergman & Beving Aktiebolag, ser B is another stock we will buy today. It is a well run company with good fundamentals and they describe themselves as specialists in acquiring and developing leading companies in niche markets in the industrial and construction sectors.
Frontline Plc we sold last week and made a profit on it. Of course, we’ll keep an eye on it going forward, given Bjørn Inge Pettersen’s technical analysis below. Enjoy!
This week’s analysis with Stock Tips by Bjørn Inge Pettersen at StockCharts365.com
This week StockCharts365.com has taken a closer look at one of the winning stocks of recent years on the Oslo Stock Exchange, the John Fredriksen-controlled (38.9% stake) company Frontline (ticker on Oslo Børs: FRO).
The Frontline share has risen around 40 percent so far this year and the company now has a market capitalization of NOK 62 billion. The share has risen a whopping 466 percent since hitting a low of NOK 50 in January 2021.
StockCharts365.com says as Peter Östevik at Vikingen also says: “Why buy stocks that are going down, when you can buy stocks that are going up?”
Or as StockCharts365.com also says: “Make The Trend Your Friend” and “Don’t Fight The Trend”. Both expressions are well-known terms in technical analysis, and that it is usually best to go with the current trend in the stocks you buy.
This week’s analysis is definitely a stock in a very strong and positive trend. Now after the recent consolidation, the stock may be at a favorable level to buy at. Read more about this in the technical analysis of Frontline (FRO) below here.
Briefly about Frontline (ticker on Oslo Stock Exchange: FRO)
Frontline is a Norwegian tanker shipping company. The majority of the shipments consist of crude oil transported globally to the company’s customers. The company owns and manages several vessels of different sizes, from VLCCs (Very Large Crude Carriers) to Suezmax vessels. The company was established in Sweden in 1985, but has since undergone several acquisitions and reconstructions. The company’s head office is located in Bermuda. More information about the company can be found on their websites:
https://www.frontlineplc.cy/investor-relations/
Technical analysis of Frontline (ticker on Oslo Stock Exchange: FRO
Frontline (FRO) is thus showing strong performance in both the short and long term and further upside is signaled within both the short-term and long-term rising trend.
The stock has consolidated and corrected slightly down in the very short-term picture and is now approaching the support level at the 50-day moving average and at the lower trend line of the short-term uptrend.
A new strong technical buy signal was recently triggered for Frontline after a break above an important technical resistance level around NOK 260.00, and there should now be significant technical support down towards that level on further consolidation in the stock in the short term.
Momentum indicators such as the RSI and Stochastics are signaling that the consolidation in the stock may now soon be over, and that the stock might have another turn to the upside within both the short-term and long-term rising trend.
According to the long-term rising trend (cf. weekly chart), a potential for the stock of up to NOK 400.00-450.00 is indicated over a period of about six months.
There is little technical resistance to further growth for the stock, while there should be significant technical support both at the 50-day moving average (around NOK 272.00), and then at the aforementioned NOK 260.00 level.
Thus, the stock is above both the 50-day and 200-day moving averages, and the 50-day moving average is above the 200-day moving average. This confirms that both the short-term and long-term trend for the stock is positive.
One of the many favorite models unique to Vikingen is the BEST model. This popular and effective model now also provides a buy signal for Frontline (FRO). The BEST model was developed by Peter Östevik. He finalized the BEST model around 2019 after 30 years of experience in technical analysis and with Vikingen.
The overall picture for Frontline is positive
The technical picture for Frontline (FRO) is positive and indicates that although the stock has risen a lot in recent years, there may still be a lot of potential for the stock in the next 6-12 months.
It should also be mentioned that Kepler Cheuvreux recently, on May 31st, raised its price target for Frontline to NOK 428 (394), and reiterated its buy recommendation on the share. Frontline closed on Friday at NOK 283.00.
Kepler Cheuvreux is a leading independent European financial services firm.
Finally, it is mentioned that around NOK 6.50 per Frontline share will soon be distributed as a dividend and that it is those who own Frontline shares at the close of the stock exchange on June 12, 2024 who will receive the dividend. The stock therefore goes ex. approximately NOK 6.50 (USD 0.62) in dividends on June 13th 2024.
What is the Vikingen Investment School?
The Vikingen Investment School started on May 13th, 2024. We have chosen to invest SEK 10,000 and hope that you will join us in learning how to get rich(er) on the stock market. Our ambition is that you will want to join us on the journey from beginner to skilled investor. If you have more than SEK10,000 to invest, it’s of course even more interesting, but the principles are the same. And today June 10th we add even more value to the blog by adding “Analysis of the Week” by StockCharts365. com.
Vikingen shows the way!
Through Vikingen Financial Software and our mentor Peter Östevik, we select the stocks / other investment objects that are most worth buying here and now. Don’t miss a blog episode – follow us on FB and/or Linkedin.
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Have a great week!
Vikingen Financial Software would like to remind you that past positive results do not always indicate future profits, and that all stock market trading is at your own risk.
Yours sincerely
Catrin Abrahamsson-Beynon
