Hovedindeksen (OSEBX.OL)

Automatic technical analysis. Short term, Dec 23, 2024

Hovedindeksen is in a falling trend channel in the short term. This shows that investors over time have sold at lower prices to get out of the index, and indicates negative development for the market. The index gave a negative signal from the rectangle formation by the break down through the support at 1414. Further fall to 1347 or lower is signaled. The index is approaching support at 1402 points, which may give a positive reaction. However, a break downwards through 1402 points will be a negative signal. Volume has previously been high at price tops and low at price bottoms. This weakens the falling trend and could be an early signal of a coming trend break. RSI below 30 shows that the momentum of the index is strongly negative in the short term. Investor have steadily reduced the price to sell the index, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The index is overall assessed as technically slightly negative for the short term.

Recommendation one to six weeks: Weak Negative (Score: -48)