Nordic Technical Updates

The New Years Rally in the Nordic stock markets has definitive come to an end. What happens next is anybody’s guess, but the technical indicators suggest that the markets will move in a sideways direction over the next days.

“The Norwegian and Swedish benchmark index has broken down through the floor in a rising trend channel. This indicates an initially slower growth rate, or the introduction of a more horizontal development.”

Investtech.com

(Article in English, copy of report in Norwegian)

Analyst Asbjørn Taugsbøl and Head of Research Geir Linløkken

The technical analysts at Investtech.com has put the Oslo Benchmark Index on the “watch” list after the index broke down through the floor in a rising trend channel last week. Other Nordic markets also shows signs of fatique.

Here’s today’s market summary from Investtech.com:

Oslo Stock Exchange moved sideways Monday.

The market trend was flat and the benchmark index (OSEBX) ended at 358 points (+ 0.11%).

Factor Property was up 7.50% to a final listing on 2.15 kroner. We have to go back in February 2009 to find a higher end listing of the stock. The past month the stock has risen a total of 44.30%. The technicals also looks good. The stock is a positive trend in the medium term, but testing resistance at around 2.24 kroner.

Nutri Pharma ended up 7.12% to 3.16 kroner. The past month the stock has risen a total of 101%. It also looks good technically. The stock is considered technically weak positive on the medium term.

Aker ended slightly down to 155 dollars, equivalent to a decrease of 1.27%. This was the seventh day in a row, the stock fell. Tech sees it, however good. The stock is a positive trend in the medium term, approaching the support of about 150 million and a further rise is indicated.

Norwegian Air Shuttle fell moderate 0.46% and ended at 108 kroner. This was the seventh day of decline in a row for the Norwegian carrier. The stock has fallen a total of 10.42%. Technical indicators does not look so good. The share is in a negative trend in the medium term and a further decrease is indicated.

There were 85 shares that rose and 90 that showed a decline.

In addition, 24 shares stood still, equally to the day before, and 41 were without a turnover.

Monday’s winner was Hands, which ended at 2.19 after an increase of 12.3%.

Other shares that did well;  Acta Holding with an increase of 9.6%, Transeuro Energy up 9.4% and BWG Homes up 8.2%.

PCI Biotech Holding ASA was the worst performer. The stock fell a total of 9.1% and ended at 23.10. Thin Film Electronics, Petrolia Drilling and AF group also did very poorly, with respective decreases of 6.6%, 5.7% and 5.5%.

Most traded was Statoil with a turnover of USD 2.067 billions, SRI International with NOK 952 million and Seadrill with NOK 425 million kroner.

Total turnover of shares and primary capital on Monday was about 7.5 billion kroner.

The OMX Stockholm 30 Index ended at 948 points, which is a decrease of 0.37%. The index has now fallen four days in a row.

OSEBX (Norway):

Watch (Medium term)

The main index has broken down through the floor in a rising trend channel. This indicates initially slower growth rate, or the introduction of a more horizontal development. The index has support at around 310 points and resistance at around 386 points. The index is considered overall technically neutral in the medium term.

OMX 30 (Stockholm)

Light acquisition candidate (Medium term)

OMX Stockholm 30 Index has broken down through the floor in a rising trend channel. This indicates initially slower growth rate, or the introduction of a more horizontal development. The index moves between the support at about 936 points and resistance at around 974 points. An established violation of one of these levels will signal further direction. The index is considered technically weak positive on the medium term.

Here’s Investtech’s buy recommendation:

Aker (AKER) –  Price: NOK 155.00


Aker is in a rising trend and further rise in this is indicated. The stock has also fallen back on the floor of the trend channel, which should give a reaction up. The share also gave a buy signal from a reverse head-and-shoulders formation at the break through resistance at 149 kroner. Further rise to 206 kroner or more are indicated. The stock is approaching support at around 150 dollars, which may give a reaction up. The stock is considered overall technical positive for medium term.

Medium-long term: Buy Candidate.


Investtech.com

Copy of research note.


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