Nordic Technical Analysis

Here’s the latest recommendations and technical stock market analysis from the leading research firm Investtch.com.

Geir Linløkken – head of research, Investtech.com

Summary:

There was a slight decline in the market Friday, and the Oslo benchmark Index ended at 378 points, which is a decrease of 0.74%.

For the week overall,  OSEBX showed a decline of 1.1%.

Lighthouse Caledonia rose sharply by 16.13% and ended at 0.36 kroner. The stock has not risen more in one day since 17 April 2009, when it was up 16.67%. The turnover was also high. All together, it was bought and sold for approximately 21 million in stocks, equivalent to 10 times the average daily turnover. Technical it  also looks good. The stock is in a positive trend in the medium term and a further rise is indicated.

Nutri Pharma developed positively and rose 7.55%, to a final listing at 2.85 kroner. The last weeks the stock has risen a total of 70.66%. Technicals also looks good. The stock is considered weak positive in medium terms.

Lerøy Seafood Group ended up 3.98%, at 118 kroner. The last weeks the stock has risen a total of 9.30%. Shares has triggered a buy signal on increasing volume,  and broke up through resistance at 115 dollars in a rectangle formation. A further rise to 133 kroner in the course of eight months is indicated.

Camillo Eitzen & Co developed positively and rose 2.50% to a final listing at 16.40 kroner. We have to go back to  December 2008 to find a higher end listing of the stock. The stock has risen in eight of the last ten days,  since the buying the signal from a double-bottom formation for four months, the stock has now risen 35.54%.

At the Oslo Stock Excnange there was 74 shares that rose and 99 that showed a decline. In addition, 24 shares ended equally with the day before and 42 were without a turnover. Lighthouse Caledonia was the stock that made it best. The share rose 16.1% and ended at 0.36.

Navamedic, up 12.3%, AGR Group up 12.2%, and Marine Harvest was up 7.7%.

Aqua Bio Technology was the worst stock, and fell a total of 12.7%,  ending at 0.55.

Also Badger Explorer, Opera Software and Renewable Energy Corporation did very poorly, with respective decreases of 9.5%, 7.7% and 7.3%.

Most traded was Statoil with a turnover of 1.336 billion Norwegian kroner,  and Renewable Energy Corporation with 986 million kroner.

Also SRI International and DnB NOR was widely traded, with respectively 720 and 550 million.

On Friday the total of traded shares and primary capital certificates was about 8.7 billion kroner.

Oslo (OSEBX):

Buy Candidate (Medium term):

The main index is in an upward trend and further rise in this is indicated. With a retraction there’s  a floor in trend channel. The index has support at about 308 points. Volume tops and bottoms volume corresponds well with the tops and bottoms in the price. This trend strengthens the image. The index is considered overall technical positive for medium term.

Stockholm (OMX 30):

Light acquisition candidate (Medium term)

OMX Stockholm 30 Index has broken down through the floor in a rising trend channel. This indicates initially slower pace of rise, or the introduction of a more horizontal development. The OMX 30 Index has support at about 930 points. The index is considered technically weak positive in the medium term.

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Recommendations: Marine Harvest – Oslo Stock Exchange

Marine Harvest has broken up from a nearly horizontal trend. This signals a continued strong development, and the stock has support at any reaction towards the ceiling of the trend channel. The price has also broken through the roof at 4.72 dollars in a rectangle formation. Established violations will signal a further rise to 5.46 kroner or more. The stock has broken through resistance at around 4.50 kroner. Further rise is thus signaled, and there is now support at 4.50 kroner if a reactions back happens. Volume tops and bottoms volume corresponds well with the tops and bottoms in the price. Volume balance is also positive, which strengthens trend break. RSI is overbought. The stock can still feel free to rise further, and we should see a decrease in RSI-curve before it is used as a selling signal. RSI-curve shows an upward trend, which may be an early signal for the induction of an upward trend also for the price. The stock is considered overall technical positive for medium term.
Medium-long term: Buy Candidate

Investtech.com

Related by The Econotwist:

“Buy The Rising Trend”, Market Research

Top Stock Picker Beats Market by 167%

Top 10 Nordic Stocks

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